Nigerian Stocks Continues Decline for the Second Consecutive Day Yesterday, Down by N111bn

Nigerian stocks experienced losses for the second consecutive day yesterday, with the market capitalization closing at N111 billion lower.

As a result, the All-Share Index fell by 204.25 percent, or 0.31%, to settle at 65,482.91 points. Similarly, the total market capitalization value fell by N111 billion to N35.635 trillion.

Price declines in major and medium-capitalized stocks such as Nigerian Breweries, Cadbury Nigeria, Flour Mills of Nigeria, Guaranty Trust Holding Company (GTCO), and FBN Holdings (FBNH) drove the market's bad performance.

Afrinvest Limited analysts predicted that: “In the last trading session, we expect the bearish performance would continue in the absence of a positive catalyst.”

Yesterday, market breadth was negative, with 38 equities losing compared to 14 gainers. 

Top Gainers: Lasaco Assurance had the largest price gain of 10%, to close at N2.09 per share. Multiverse Mining and Exploration gained 9.96% to close at N2.98, while Skyway Aviation Handling Company gained 9.91% to close at N23.30 per share.

• Chemical and Allied Products (CAP) gained 5.26% to settle at N22.00 a share, while R.T. Briscoe Nigeria gained 6.00% to close at 53 kobo.

Top Losers: Japaul Gold & Ventures, on the other hand, led the losers list by 9.91%, to close at N1.00 per share. Cadbury Nigeria was down 9.80% to settle at N13.80 a share, while FTN Cocoa Processors fell 9.40% to close at N2.41 per share.

• NEIMETH International Pharmaceuticals fell 9.34% to N1.65, while Courteville Business Solutions fell 9.09 percent to N60 per share.

Total Trade: The total volume of trading increased by 1.76% to 509.247 million units worth N4.796 billion in 8,070 transactions.

Japaul Gold & Ventures shares were the most actively traded, with 115.698 million shares valued at N129.724 million changing hands. United Bank for Africa (UBA) came in second with 40.430 million shares valued at N595.919 million, while Transnational Corporation (Transcorp) traded 37.499 million shares worth N133.5 million.

Fidelity Bank traded 31.847 million shares for N271.169 million, while FCMB Group traded 34.990 million shares worth N237.688 million.