Home > Breaking news > Nigeria Stock Index Sheds 0.35% As CCNN, Sterling Bank, AIICO Lead Losers

Nigeria Stock Index Sheds 0.35% As CCNN, Sterling Bank, AIICO Lead Losers

The Nigerian equities market opened for the new week, with a decline of 0.35 percent in stock market indices. Lead indicator, NSE-ASI shed 94.06 points, representing a decline of 0.35 percent to close at 26,887.54 points, while the market capitalization shed N32 billion to close at N9.255 trillion.

The downturn was largely boosted by value depreciation recorded in some highly capitalized stocks, such as, Guaranty Trust Bank, Unilever Nigeria, Access Bank and Zenith Bank. Market breadth was negative, with 10 gainers paired against 18 losers. Cement Company of Northern Nigeria (CCNN) led the losers’ chart by 5.54 percent, to close at N4.94 per share. Sterling Bank followed having shed 4.82 percent to close at 79 kobo, while AIICO insurance declined by 4.76 percent to close at 60 kobo  per share.

Continental Reinsurance depreciated by 4.67 percent to close at N1.02 and AXA Mansard Insurance declined by 4.55 percent each to close at N1.89 per share. On the flip side, Eterna Oil recorded the highest price gain of 9.90 percent, to close at N3.22 per share. Livestock followed with a gain of 8.22 percent to close at 79 kobo, while NPF Microfinance Bank rose by 4.81 percent to close at N1.09 per share.

Airline Services went up by 4.72 percent to close at N2.66, while Ikeja Hotel appreciated by 4.71 percent  to close at N1.78 per share. Market activity as measured by total volume traded went up marginally by 2.24 percent to 115.04 million shares, valued at N1.16 billion, and traded in 2,963 deals.

Transactions in the shares of UBA topped the activity chart with 21.49 million shares valued at N91.71 million. Guaranty Trust Bank followed with 17.75 million shares worth N393.25 million, while Zenith Bank traded 11.72 million shares valued at N173.49 million. FBN Holdings traded 10.53 million shares worth N31.92 million, while FCMB sold 9.70 million shared valued N10.63 million.

About Editor

Otunba Sayo Akintola is a 1992 graduate of Linguistics from the University of Ibadan, Oyo State. He holds a post-graduate diploma in Financial Management and MBA from Abubakar Tafawa Balewa University, Bauchi. He started his 12-year sojourn in journalism at the Nigerian Tribune in 1993 as Business and Economy reporter. He rose through the ranks to become the Group Business Editor of the nation’s oldest surviving private national newspaper, the Nigerian Tribune. He set up World Street Journal magazine in 2018.

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