Equities market drops 0.17% over speculative trading

The equities market dropped by 0.17 per cent on Thursday as investors traded on speculation following the Central Bank of Nigeria (CBN) decision to retain its rates.

The Nigerian Stock Market All Share Index (NSE ASI) declined by 0.17 per cent to close at 28,166.42 basis points from 28,214.57 basis points market opened today.

Trading activities showed investors’ sentiment turned negative as market breadth closed with 18 gainers to 22 losers.

Caverton Plc led the day’s declining stocks with a loss of 9.09 per cent or N0.11 kobo to close at N1.10 per share, followed by Continental Reinsurance Plc that lost 4.95 per cent or N0.5 kobo to close at N0.96 kobo per share, Nigerian Aviation Handling Company Plc also dropped 4.60 per cent or 16 kobo to close at N3.32 per share, Honeywell Flour Mills Plc fell 4.26 percent or N0.6 kobo to close at N1.35 per share and Neimeth Pharmaceuticals Plc depreciated 4.08 per cent or N0.4 kobo to close at N0.94 kobo per share.

On the flip side, Oando Plc topped the day’s advancing stocks with a gain of 7.14 per cent or 40 kobo to close at N6 per share. Zenith Bank Plc followed with a growth of 5.27 per cent or 79 kobo to close at N15.79 per share, Total and Mobil Nigeria Plc appreciated 5 percent each or N13.50 and N8.55 respectively to close at N283.50 per share and N179.55 per share, while Forte Oil emerged the 5th top gainer also adding 5 percent to close at N163.11 per share.

Market activity as measured by Volume and Value traded, settled at 410 million units and N3.6 billion respectively, against 3.1 billion units and N6.2 billion traded previously.

The day’s transactions were taken in 4,179 deals with the three most traded stocks as Diamond Bank Plc with the sale of 141.4 million shares worth N164.4 million. FCMB Plc came second, trading 48.1 million units of shares amounting to N48.2 million while FBNH Plc exchanged 40.8 million shares worth N126.3 million.