Nigerian stock market extends losing streak, drops 0.07%

Trading activities on the nation's bourse extended losing streak on Tuesday, declining further by N16 billion due to profit taking on 21 stocks.

Specifically, the All-Share Index lost 30.75 points or 0.07 per cent to close at 41,051.63, from 41,082.38 posted on Monday.

Consequently, month-to-date and year-to-date returns moderated to 1.9 per cent.

In the same vein, the market capitalisation lost N16 billion to close at N21.474 trillion compared with N21.490 trillion recorded on Monday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are Ardova Plc, BUA Cement, UACN, Access Bank and Red Star Express.

Analysts at Afrinvest Limited said, "Following two consecutive days of losses, we expect investors to take position in bellwethers."

Japaul Gold and Ventures led the losers' chart in percentage terms with 9.86 per cent to close at N1.28 per share.

Ardova followed with 8.63 per cent to close at N18 per share.

FTN Cocoa Processors and Honeywell Flour Mill shed 8.33 per cent each to close at 66k and N1.10, while Chams lost 6.67 per cent to close at 28k per share.

Conversely, Afromedia, Guinea Insurance, NEM Insurance, Prestige Assurance, Union Diagnostic & Clinical Services and Wapic Insurance drove the gainers' chart in percentage terms, gaining 10 per cent each, to close at 22k, 22k, N2.53, 55k, 33k and 66k per share, respectively.

Livestock Feeds followed with 9.91 per cent to close at N2.55, while AIICO Insurance rose by 9.85 per cent to close at N1.45 per share.

Transcorp topped the activity chart with an exchange of 42.94 million shares valued at N50.24 million.

Japaul Gold and Ventures followed with 39.59 million shares worth N50.87 million, while Zenith Bank traded 28.53 million shares valued at N745.99 million.

BUA Cement sold 25.69 million shares worth N2.05 billion, while Courteville Business Solutions transacted 21.97 million shares worth N5.33 million.

In all, the total volume of shares traded dropped by 28.9 per cent as investors bought and sold 525.01 million shares worth N5.34 billion in 5,965 deals.

This was in contrast with a turnover of 738.52 million shares valued at N4.17 billion transacted on 7,396 deals on Monday.