Market dip by 1.8%, Skye Bank leads losers as investors lose N172bn

The Nigerian equities market closed on a negative note today, following a 1.80 per cent decline in lead market indicators bringing the Year-to-Date return to -4.41 per cent even as investors on the Exchange made a loss of N172 billion.

This is in contrast to 0.25 per cent gained on Wednesday’s trading session when the market indices closed positive.

Specifically, The lead indicator, the Nigerian Stock Exchange All-Share Index ((NSE ASI) shed 500.51 basis points or 1.80 per cent to close at 27,379.95 basis points.

The Market Capitalization which is the total market value of all publicly quoted firms on the NSE also lost N171.9 billion to close at N9.404 trillion compared to Wednesday’s appreciation of N24.1 billion when the market cap closed at N9.575 trillion.

Market breadth closed with 11 gainers to 25 losers,  Skye Bank Plc led the days retreating stocks having dropped 7.81 per cent or 5 kobo to close at 59 kobo per share, Dangote Flour Mills Plc lost 4.89 per cent or 20 kobo to close at N3.89 per share, Dangote Cement Plc fell 4.71 per cent or N8.50 to close at N172 per share, AIICO Insurance Plc declined by 4.48 per cent or 3 kobo to settle at 64 kobo per share, and Dangote Sugar Plc depreciated by 4.41 per cent or 30 kobo to close at N6.50 per share.

Conversely, CAP Plc led the day’s eleven advancing stocks having improved by 4.98 per cent or N1.36 to close at N28.66 per share, Continental Reinsurance Plc and Livestock Feeds Plc followed with a growth of 4.44 percent or 4 kobo each to close at 94 kobo per share respectively. 7up Plc gained 3.51 per cent or N3.83 to close at N113 per share, and Sterling Bank Plc appreciated by 3 per cent or 3 kobo to close at N1.03 per share.

The total value of stocks traded on the floors of The NSE amounted to N1.4 billion, while a total of 215.34 million shares exchanged hands in 2,939 deals.

The top-three traded stocks were Diamond Bank Plc with the sale of 54.5 million shares worth N57.34 million, FBN Holdings Plc followed with the trade 42.7 million stocks valued at N132.3 million and UBA Plc exchanged 20.3 million shares worth N90.6 million.

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