Investors lose N50bn as stocks spirals downward

On Thursday, Nigerian Investors lost N50bn as the nation’s stock market closed in the red, TopNaija reports.

The Nigerian Stock Exchange All-Share Index and the market capitalisation of equities dropped by 0.38 per cent to pare the gains recorded in recent trading days. The ASI dropped by 95.91 basis points to close at 25,312.05 as against the 25,407.96 recorded the previous day while the market capitalisation depreciated by N50bn to close at N13.20tn from N13.25tn.

A turnover of 270.19 million shares in 4,550 deals was recorded at the end of the day’s trading. The premium subsector was the most active (measured by turnover volume), with 118.46 million shares traded by investors in 1,673 deals.

The volume in the subsector was largely driven by activities in the shares of FBN Holdings Plc and Zenith Bank Plc.

The banking subsector of the financial services sector was boosted by activities in the shares of Fidelity Bank Plc and Guaranty Trust Bank Plc, with a turnover of 32.66 million shares in 703 deals.

The number of gainers at the close of trading session was 16 while 17 firms recorded losses.

UACN Property Development Company Plc led the gainers’ table with a gain of 10 per cent to close at 88 kobo per share while Linkage Assurance Plc followed with a gain of 9.76 per cent to close at 45 kobo per share. Skyway Aviation Handling Company Plc appreciated by 9.69 per cent to close at N2.49 per share.

On the other hand, Cutix Nigeria Plc led the losers’ table, dropping by 9.63 per cent to close at N1.69 per share. LASACO Assurance Plc lost 7.41 per cent to close at 25 kobo per share while Custodian Investment Plc shed 7.14 per cent to close at N5.85 per share.