Market drops by 0.70% as Guinness, Caphotel top losers’ chart

The Nigerian Equities market on Friday relapsed from previous trading session’s marginal growth following 0.70 percent decline in the Nigerian Stock Exchange (NSE) All-Share Index (ASI) to close at 27,835.22 basis points

Consequently, investors on the Nigerian equities market lost N67.6 billion as market capitalization closed at N9.561 trillion against N9.628 trillion it closed on Thursday.

The turn in market indices was a result of profit taking in some blue-chip and mid-cap stocks, led by Guinness Nigeria Plc having Plc which lost 9.74 per cent or N9.54 to close at N88.45 per share, Cap Hotel Plc dropped 4.91 per cent or 19 kobo to close at N3.68 per share, Wapco Plc also depreciated by 4.84 percent or N2.40 to close at N47.20 per share.

Zenith Bank Plc came fourth on the losers list having shed 4.82 per cent or 72 kobo of its share price to close at N14.23 per share, while Neimeth Pharmaceuticals Plc depreciated 4.44 per cent or 4 kobo to close at 86 kobo per share.

Other equities which recorded losses were A.G leventis Plc, Nestle Nigeria Plc, Guaranty Trust Bank Plc, Fidelity Bank Plc and VItafoam Plc.

Nascon Allied Industries, Dangote Sugar, Eco Transnational Incorporated, Eterna and Nigerian Breweries also recorded losses of varying degrees at the close of the day’s trade.

On the other hand, Union Bank Plc topped the day’s 13 gainers following a gain of  5.03 percent or 23 kobo to close at N4.80 per share, followed by NEM Insurance Plc that appreciated by 4.94 per cent or 4 kobo to close at 85 kobo per share.

Also, Africa Prudential Registrars Plc likewise grew by 4.81 per cent or 13 kobo to close at N2.83 per share, Aiico Insurance Plc came forth with an increase of 3.17 per cent or 2 kobo to close at 65 kobo per share and United Capital gained 2.03 per cent or five kobo to close at N2.51 per share.

Market activity as measured by volume and value traded in 3,048 deals, settled at 200.8 million units and N921.6 million respectively compared to 348.8 million units and N2.645 billion traded previously.

Trading in the top-three equities were Diamond Bank Plc with the sale of 76 million shares worth N96.4 million. UCAP Plc came second following the sale of 23.6 million of shares valued at N62.3 million and Fidelity Bank Plc which sold 21.5 million units worth N20 million.