Investors in the Nigerian equities market endured bearish trading on Thursday to record a N130 billion loss at the close of the day’s trading.

This followed the dip in the share prices of stocks like HONYFLOUR (Honeywell Flour Mill), FBNH (First Bank of Nigeria Holdings), and UPDC Plc (formerly UACN Property Development Company) amongst others on the trading floor.

After five hours of trading at the capital market, the equity capitalization decreased to N56.3 trillion from N56.4 trillion recorded by the bourse on Wednesday.

The benchmark All-Share Index (ASI) decreased to 98,003.75 from 98,230.92.

The market breadth was negative as 23 stocks advanced and 26 stocks declined, while 65 stocks remained unchanged in 9, 848 deals.

ABC TRANS, UPL, and FIDSON led other gainers with 10%, 9.95%, and 9.85% growth each in share prices to close at N0.99, N2.43, and N14.50 from the previous N0.90, N2.21, and N13.20 per share.

On the flip side, HONYFLOUR, FBNH, and UPDC led other price decliners as they shed 9.98%, 9.88%, and 9.74% each to close at N4.87, N30.55, and N1.76 from the initial N5.41, N33.90, and N1.95 per share.

On the volume index, JAPAUL GOLD led trading with 106 million shares valued at N259 million in 176 deals followed by UACN which traded 57 million shares valued at N1.1 billion in 153 deals.

FIDELITY BANK traded 48 million shares valued at N599 million in 513 deals.

On the value index, UACN recorded the highest value for the day trading stocks worth N1.1 billion in 153 deals followed by GTCO which traded equities worth N679 million in 291 deals.

OANDO traded shares valued at N646 million in 772 deals.

By: Babajide Okeowo

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