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The stock market ended the week on Friday with mixed performances.
Specifically, the market capitalisation rose by 0.19 per cent, with a gain of N130 billion to close at N68.751 trillion from N68.621 trillion recorded on Thursday.
This uptrend in the capitalisation was due to the United Bank for Africa’s additional shares listing on the NGX.
However, the All-Share Index dropped by 0.14 per cent or 154.40 points to close at 109,028.62 against 109,183.02 posted on Thursday.
This signifies the third consecutive loss this week.
Meanwhile, the market breadth closed positively with 30 gainers and 22 losers.
On the gainers’ chart, Red Star Express soared by 10 per cent, closing at N6.71 while University Press increased by 9.82 per cent, settling at N4.36 per share.
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ABC Transport climbed by 9.69 per cent, finishing at N2.49 and McNicholas rose by 9.05 per cent, closing at N2.29 per share.
Also, Lasaco Assurance gained by 8.47 per cent, ending the session at N2.69 per share.
On the flip side, Northern Nigeria Flour Mills dropped by 9.97 per cent, closing at N118.70 while Transcorp Hotel fell by 9.95 per cent, settling at N138.50 per share.
Learn Africa declined by 9.89 per cent, finishing at N4.01 and Legend Internet shed by 9.52 per cent, ending the session at N7.60 per share.
Sovereign Trust Insurance lost by 8.57 per cent, closing at 96k per share.
A total of 637.54 million shares worth N18.122 billion were traded across 15,927 transactions.
This is compared to 1.65 billion shares worth N19.098 billion that was exchanged in 26,176 transactions earlier.
Transactions in the shares of Tantalizer topped the activity chart with 145.08 million shares worth N384.45 million
Fidelity Bank followed with 85.57 million shares valued at N1.56 billion while Nigerian Breweries sold 47.53 million shares worth N2.57 billion.
ALSO READ: Nigerian Stock Market: Investors traded N75 billion last week
Guaranty Trust Holding Company transacted 29.38 million shares valued at N2.05 billion, and United Bank for Africa traded 45.14 million shares worth N1.54 billion.
Reacting to the mixed trend, Aruna Kebira, managing director of Globalview Capital Ltd., stated that the trend was a result of shares being injected into the market and were not traded.
He said, “The differential between the Market Capitalisation and the All-Share Index was a result of the listing of the United Bank for Africa rights issue of 6.8 billion units, which increased UBA’s outstanding shares from 34.199 billion to 41.039 billion.
“The decline in the ASI did not come as a surprise to me, as the market had been upbeat for quite a while.
“Investors are beginning to cash in their profits, especially on stocks that have been marked down for dividend and scrip issues.”
(NAN)
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