The Nigerian stock market closed lower at yesterday’s midweek trading session as investors’ profit-taking erased ₦121 billion from the market capitalisation. The All-Share Index fell by 191.09 points, representing 0.13 per cent, to close at 145,864.80 points, as market capitalisation fell to ₦92.284 trillion.
Selloffs in large and medium-capitalization companies such as Lafarge Africa, Nigerian Breweries, Northern Nigeria Flour Mills (NNFM), Berger Paints, and Zenith Bank fueled the decline.
But market breadth was good, with 53 gainers against 21 losers, pointing to ongoing buying interest from bargain hunters. Top performers of the day were FTN Cocoa Processors, Learn Africa, Prestige Assurance, R.T. Briscoe, Tripple Gee & Company, and Caverton Offshore Support Group, which all rose by 10 per cent. AXA Mansard Insurance rose by 9.99 per cent, while Ellah Lakes and Consolidated Hallmark Holdings rose by 9.96 per cent each.
On the other hand, Thomas Wyatt Nigeria led the losers’ chart with a 10 per cent fall, followed by UPDC (-7.94%), Legend Internet (-6.35%), Berger Paints (-6.16%), and Champion Breweries (-5.75%).
Dealing activity improved, with total volume rising 5.06 per cent to 1.342 billion units valued at ₦20.215 billion on 30,749 transactions. Universal Insurance recorded the biggest volume of 193.435 million shares, followed by Japaul Gold (123.163 million shares) and Veritas Kapital Assurance (93.216 million shares). Access Holdings and Sterling Financial Holdings were also big traders.
