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BUSINESS & ECONOMYCapital MarketCOVERNEWSLETTER

Nigerian Stock Exchange Dwindled by 6.14% in 2016

Stock Market Dips Further In Face Of More Deals
The Nigerian Stock Market posted a year-to-date return of -6.14 percent for the 2016 financial year, as the bourse finished in the final trading sessions of the year.

Overall value of the market represented by the market capitalisation, dipped by N605 billion from N9.851 trillion it closed the year 2015 with, to N9.246 trillion as the closing figure for 2016.

However, benchmark indices of the stock market sustained upward trend from previous trading sessions to close trading activities for the year on Friday, 0.34 percent higher.

The All Share Index (ASI) added 91.69 points to close at 26,874.62 points compared to 94.68 points added on Thursday when the ASI closed 26,782.93 points, while market capitalization grew N31.5 billion to close at N9.246 trillion in comparison with N32.6 billion added on Thursday when it closed at N9.215 trillion.

Market breadth remained positive with 23 gainers against 16 losers. Law Union led the gainers with 8.11 percent to close at 80 kobo per share, Wema Bank followed with a growth of 8 percent to close at 54 kobo per share, while NEM Insurance added 5 percent to close at N1.05 per share.

UAC-Prop scooped 4.80 percent to close at N2.62 per share while Omoluabi Savings Microfinance Bank appreciated 4.76 percent to close at 88 kobo per share.

Conversely, Forte Oil recorded a 9.74 percent decline to lead the losers chart having closed at N84.43 per share, Portland Paints dropped 9.09 percent to close at N1.80 per share, Sterling Bank fell 6.17 percent to close at 76 kobo per share, while Cadbury depreciated 4.99 percent to close at N10.29 per share and Beta Glass lost 4.74 percent to close at N30.32 per share.

Top three traded stocks in the course of the day were Omoluabi Savings with 50.5 million units of shares valued at N44.4 million. Guaranty Trust Bank followed with 33.9 million shares worth N838.3 million while Access Bank traded 8.8 million shares worth N50.9 million.

The day’s transactions executed in 1,714 deals, showed investors moved 156.8 million units of shares, worth N1.6 billion.

 

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