The stock market closed on a negative note thursday as investors took profit after share prices had climbed to record high on Wednesday. The bullish trading had lifted the Nigerian Stock Exchange (NSE) All-Share Index (ASI) to 44,885. On Wednesday, while market capitalisation hit a record N16.08 trillion.
By Wednesday, the market had recorded a year-to-date (YTD) growth of 17.4 per cent, with some stocks recording more than 50 per cent.
The depreciation recorded in the share prices of Lafarge Africa, Transcorp, International Breweries, Zenith Bank and ETI were attributed for the decline.
In all, 31 stocks depreciated while 28 appreciated. Fidson Healthcare Plc led the price losers with 9.2 per cent trailed by NASCON Allied Industries Plc with a loss of 7.2 per cent. Glaxosmithkline Consumer Nigeria Plc shed 5.0 per cent, while Presco Plc, PZ Cussons Nigeria Plc and Transcorp Hotels Plc went down by 4.9 per cent, 4.9 per cent and 4.8 per cent respectively.
Union Bank of Nigeria Plc also shed 4.7 per cent. The bank recently raised N50 billion from a Rights Issue. The Group Managing Director of Union Bank, Mr. Emeka Emuwa had said: “The support of our shareholders has been critical to the rebuilding and transformation of Union Bank over the past five years. With 20 per cent oversubscription of the bank’s Rights Issue, they have once again demonstrated a high level of confidence and support for the bank’s short to medium term strategic priorities. Having successfully raised the required capital, we will accelerate the pace of doing business in 2018 as we begin to deploy this fresh capital across identified business areas which will increase our capacity to serve customers better while also delivering returns to our investors in the short to medium term.”
Meanwhile, Cement Company of Nigeria Plc led the price gainers with 10.1 per cent, trailed by FCMB Group Plc with 10 per cent. Caverton, Diamond Bank Plc and Jaiz Bank Plc advanced 9.8 per cent apiece while Unity Bank Plc and Skye Bank Plc garnered 9.2 per cent and 9.1 per cent respectively.
In terms of sectoral performance, three of the five indices closed southwards. The NSE Industrial Goods index was the biggest loser, down 1.2 per cent. The NSE Consumer Goods Index trailed, shedding 1.1 per cent. In the same vein, the NSE the Oil & Gas Index went down by 0.1 per cent.
On the positive side, the NSE flip Insurance Index led with a gain of 2.0 per cent while the NSE Banking Index closed 0.3 per cent higher.
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