Selling spree depresses equities market by N21bn

Investors on the Nigerian Stock Exchange continued to sell on Thursday to make some quick money leading the market to lose N21 billion. The NSE’s All share index fell by 39.48 points to close at 24,933.41 basis points from 24,972.89 basis points.

The market capitalisation fell to N13.01tn from N13.03tn the previous day just as negative sentiments prevailed as more equities shed value than there were gainers.

The market breadth closed negative as nine firms, led by C&I Leasing Plc, emerged gainers, compared to 10 losers, led by Fidson Healthcare Plc.

The Nigerian Stock Exchange All-Share Index dipped 39.48 basis points or 0.16 per cent to close at 24,933.41bps from 24.972.89bps on Wednesday.

A turnover of 171.21 million shares were traded by investors in 3,315 deals on Thursday.

The premium subsector was the most active (measured by turnover volume), with 44.98 million shares exchanged by investors in 1,208 deals.

Volume in the subsector was largely driven by activities in the shares of FBN Holding Plc and the United Bank for Africa Plc.

The banking subsector was boosted by the activities in the shares of Guaranty Trust Bank Plc and Fidelity Bank Plc, with a turnover of 39.37 million shares in 490 deals.

C&I Leasing Plc, which topped the gainers’ table, rose by 9.52 per cent to close at N4.60 per share while AIICO Insurance Plc followed with a gain of 8.99 per cent to close at 97 kobo per share.

Mutual Benefits Assurance Plc appreciated by 4.76 per cent to close at 22 kobo per share.