Three days of consecutive gains on the Nigerian stock market came to an end yesterday as the market capitalisation dropped by N28 billion due to selloffs in 26 stocks including TransNational Corporation of Nigeria (Transcorp).
The all-share index (ASI) lost 50.81 points, or 0.08 percent, to close at 66,439.53 points yesterday as trading came to an end.
Additionally, the market value decreased by N28 billion to end at N36.363 trillion.
Price declines of major and medium-capitalized stocks, including Transnational Corporation (Transcorp), Zenith Bank, Flour Mills of Nigeria, Computer Warehouse Group (CWG), and Guaranty Trust Holding Company (GTCO), were the main cause of the slump.
As 27 equities gained value while 24 stocks lost value, the market breadth, which gauges investor mood through the gainers/losers ratio, climbed. The two companies with the largest price increases were Capital Hotel and Consolidated Hallmark Insurance, each rising by 10% to close at N2.75 and N1.10, respectively. University Press was next, rising by 9.77% to conclude at N2.36 kobo.
Thomas Wyatt Nigeria increased by 9.60% to close at N2.17 kobo, while Champion Breweries increased by 9.72% to close at N3.50 kobo. Chams increased 7.87% to finish at N96 kobo. Additionally, Honeywell Flour Mills increased by 7.87% to close at N3.70 kobo.
Transcorp, on the other hand, was in first place among losers on the chart with 9.99 percent to settle at N6.31 kobo. Ikeja Hotel dropped 9.84 percent to settle at N2.84 kobo, and CWG dropped 9.88 percent to close at N3.65 kobo. The price of FTN Cocoa Processors decreased 8.11% to settle at N2.04 kobo.
R.T. Briscoe Nigeria lost 6.67% of its value to end the day at 42 kobo. African Prudential lost 4.03 percent of its value to end the day at N5.95 kobo. Tantalizer lost 3.45% to finish at 28 kobo.
UACN fell 2.36 percent to end the day at N10.35 kobo. To end the day at N3.32 kobo, Sterling Bank decreased by 2.35 percent. To close at N7.50 kobo, Custodian & Allied Insurance likewise lost 1.96 percent.
With 10,033 transactions, the total amount of trade climbed by 45.83% to 637.194 million units worth N7.791 billion. With 292.41 million shares traded for N2.147 billion, Transcorp shares saw the most activity.
Following Access Holdings, which traded 26.652 million shares for N435.492 million, and Dangote Sugar Refinery, which traded 24.454 million shares worth N1.455 billion, respectively.
While Fidelity Bank traded 17.386 million shares for N122.281 million, Jaiz Bank traded 18.662 million shares valued N27.724 million.
