The Nigerian Stock Market on Monday, November 14, plunged to a record low of 0.70 percent as lead market indices caved in to bear pressure.
As a result,the market capitalisation depreciated by N63.4 billion to close at N8.945 trillion the lowest since May 12, 2016.
Also, sectorial indicators closed in red except the Insurance Index that added 0.6 percent to close at 126.74 points and the ASeM index that closed flat.
The Insurance Index gained on account of a 4 percent increase in the shares of Wapic Insurance that closed at 52 kobo per share and a 1.63 percent growth in the shares of Axamansard that closed at N1.87 per share.
However the banking index recorded the highest loss of 2 percent as Zenith, Sterling, Skye, Unity, Diamond, Guaranty Trust, ETI, and Wema Banks recorded losses of varying degrees.
Market breadth closed with 10 gainers paired against 22 losers. Forte Oil led the losers’ stocks by 9.74 percent to close at N94.32 per share. While May and Baker led the gainers chart with a 4.71 percent growth to close at 89 kobo per share.
MTI emerged the most traded stock for the day with 33 million shares valued at N16.5 million. UBA followed with 23.3 million shares worth N100.2 million, while Wema Bank traded 10.5 million shares valued at N6.6 million.
Guaranty Trust Bank with the trade of 9.9 million shares worth N214.6 million bagged the fourth position on the activity chart, while Diamond Bank came fifth having sold 9.2 million shares valued N9.3 million.
Market performance as measured by the total volume traded, declined to 160.9 million units valued at N1.115 billion and traded in 2,431 deals, in sharp contrast to 2.3 billion units valued at N2.6 billion and traded in 3,346 deals recorded last Friday.
