Transactions on the Nigerian Stock Exchange (NSE) returned to negative territory on Thursday with the market capitalisation dropping N21 billion.
Specifically, the market capitalisation which opened trading at N13.027 trillion, shed N21 billion or 0.16 per cent to close at N13.006 trillion.
Also, the All-Share Index lost 39.48 points or 0.16 per cent to close at 24,933.41 compared with 24,972.89 posted on Wednesday.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nigerian Breweries, Fidson, Neimeth, NPF Microfinance Bank and Jaiz Bank.
Market watchers stated that the stock market would remain highly volatile in the interim as the realities of COVID-19 remain prevalent.
Analysts at Afrinvest Limited said: “We expect the market to close the week in the negative as investor sentiment remains weak.”
The market breadth closed negative with nine gainers compared with 10 losers.
A breakdown of the price movement chart shows that Fidson Healthcare led the losers’ chart in percentage terms, losing 9.71 per cent, to close at N3.07, per share.
Following were Neimeth, with a loss of 9.52 per cent to close at N1.71, and Nigerian Breweries which also dipped 9.52 per cent to close at N38, per share.
Jaiz Bank dropped 8.96 per cent to close at 61k, while NPF Microfinance Bank shed 7.28 per cent to close at N1.40, per share.
On the other hand, C & I Leasing led the gainers’ chart in percentage terms, increasing by 9.52 per cent to close at N4.60, per share.
AIICO Insurance followed with 8.99 per cent to close at 97k, while Mutual Benefits appreciated by 4.76 per cent to close at 22k, per share.
Oando grew by 4.08 per cent to close at N2.55, while May & Baker rose by 1.35 per cent to close at N3, per share.
In the same vein, the volume of shares transacted decreased by 35.63 per cent with an exchange of 171.21 million shares, valued at N2.21 billion in 3,315 deals.
This was against a total of 265.96 million shares worth N2.71 billion achieved in 3,564 deals on Wednesday.
Transactions in the shares of FCMB Group topped the activity chart with 32.36 million shares valued at N55.67 million.
Guaranty Trust Bank sold 29.39 million shares worth N707.91 million, while FBN Holdings accounted for 10.73 million shares valued at N54.44 million.
United Bank for Africa sold 9.86 million shares worth N63.01 million, while Access Bank transacted 9.17 million shares worth N62.42 million.
By Chris Ndibe
