Market downturn as shares trade in 16,044 deals

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Investors at the Nigerian Stock Exchange (NSE) Monday staked a total of 8.1 billion naira on 784.8 million shares traded in 16,044 deals , just as major market indicators dropped at the end of trading.

The market capitalisation which closed at 11.7 trillion naira last week-end dropped to 11.4 trillion naira at the end of transactions Monday.

Similarly, the all-share index dropped to 58,625.66 points Monday from 60,191.83 points recorded Friday.

The Insurance sub-sector led on the activity chart in turnover volume with 444.4 million shares worth 1.16 billion naira in 2,941 deals.

Investment and Allied Assurance Co. Plc led the sector in terms of volume of shares sold, Universal Insurance Company Plc and Linkage Assurance Plc followed.

The banking sub-sector followed on the activity chart with 259.3 million shares valued at 5.38 billion naira in 7,935 deals, as PlatinumHabib bank Plc, Fidelity Bank Plc and Sterling Bank Plc shares boosted the activity in the sub-sector.

Conglomerates sub-sector came third on the activity chart with a turn over of 18 .7 million shares worth 109.5 million naira traded in 411 deals.

Trans National Corporation of Nigeria (TRANSCORP) stocks remained the most preferred by investors, followed by United African Company of Nigeria (UACN) Plc and P.Z. Cussons Nigeria Plc.

The shares of the three companies boosted the sub-sector activity.

Dangote Flour Mills Plc led the gainers’ table with N1.31 to close at N27.69, Costain (WA) Plc followed with a gain of N4.29 to close at N27.28 and Nigerian Aviation Handling Company (NAHCO) N1.19, to close at N25.09.

Guinness Nig Plc led the losers’ table with N5.80 to close at N126.20, Oando Plc lost N3.00 to close at N212.00 and Benue Cement Company of Nigeria (BCC) Plc al s o closed at N40.40, loosing N2.60 in the process. Panapress .

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