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| Nigerian Stock Market trade floor (Photo Credit: Bloomberg) |
The local equity market was dominated by bears as market value dropped N20 billion or 0.08 percent to close at N23.971 trillion as opposed to N23.991 trillion on Wednesday.
The All-Share Index (ASI), which closed at 44,011.22 from 44,046.94 on Wednesday, lost 35.72 basis points, or 0.08 percent.
The sell-offs in Tier-one institutions like Zenith Bank, Access Holding, and Guaranty Trust Holding Company were the main causes of the market's poor performance (GTCO).
18 companies sank while 12 climbed as the market breadth closed in the negative.
Unilever came next, rising 10% to close at N11, followed by gains of 8.93% and 9.09% for UPL and Stanbic Bank, respectively, to close at N1.83 and N30 per share.
Also, Sovereign Trust Insurance rose by 8.33 per cent to close at 26k, while Royal Exchange Assurance appreciated by 6.85 per cent to close at 78k per share.
On the other hand, Guinness Nigeria led the losers’ chart by 9.97 per cent to close at N60.50 per share.
SCOA followed with a decline of 9.79 per cent to close at N1.29 and ABC Transport shed eight per cent to close at 23k per share.
United Capital lost 5.83 per cent to close at N11.30, while Oando shed 5.76 per cent to close at N3.60 per share.
An analysis of market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 70.36 per cent.
A total of 97.70 million shares valued at N847.88 million were exchanged in 2,980 deals.
(NAN)