New Telegraph

Equities record 3-day downturn

Trading on the floor of the Nigerian Exchange Limited, yesterday, extended decline to three trading sessions as bears sustained their grip following sell off by investors for Christmas celebration. The local bourse recorded only 14 gainers and 11 losers to sustain downward trend.

Consequently, the All- Share Index dipped 13.74 basis points or 0.03 per cent to close at 42,230.48 index points as against 42.244.22 recorded the previous trading session while market capitalisation of equities depreciated by N7 billion from N22.050 trillion the previous day to N22.043 trillion as market sentiment remained on the negative territory. Meanwhile, a turnover of 211 million shares exchanged in 2,815 deals was recorded in the day’s trading. The banking sub-sector was the most active (measured by turnover volume) with 62.59 million shares exchanged by investors in 439 deals. Volume in the subsector was largely driven by activities in shares of GTCO Plc and Jaiz Bank Plc. Also, the insurance sub-sector, boosted by activities in shares of Mutual Benefits Assurance Plc and Sovereign Trust Insurance Plc, followed with a turnover of 4.51 million shares in 127 deals. Further analysis of the day’s trading showed that in percentage terms, UBN Plc topped the day’s gainers’ table by 9.78 per cent to close at N5.05 per share while Royal Exchange Plc followed with 7.14 per cent to close at 75 kobo per share. Mutual Benefits Assurance Plc trailed with 6.67 per cent to close at 32 kobo per share. On the flip side, Julius Berger Plc led the losers by 9.88 per cent to close at N22.35 per share, while UPDC Plc shed 5.60 per cent to close at N1.8 per share. Sovereign Trust Insurance Plc trailed with 4.00 per cent to close at 24 kobo per share.

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