It appears the bears in the Nigerian Stock Market may stay longer than expected, as it recorded loss every trading days last week with only two stocks made the top gainers chart on Friday.
The market shed N305.99 billion loss on Friday, as the market capitalisation, which opened at N13.97 trillion on Friday, closed at N13.67 trillion indicating a 2.19% drop in one day. The All Share Index also shed 2.21% to close at 26,216.46 index points compared to its opening value of 26,808.24.
The bourse recorded only two gainers due to the significant downturn witnessed at the Stock market yesterday. Vitafoam Nigeria Plc recorded 5.88% gain to close at N4.32 while Flour Mills Nigeria Plc was the other company with 4.76% gain recorded to close at N22 compared to its opening value of N21.
41 listed companies recorded a significant decline in stock value on Friday, from which Cadbury Nigeria, Ecobank Transnational, NEM Insurance, Nigeria Breweries, Oando and PZ Cussons led the stock decliners as they lost 10% to close at N8.1, N5.4, N1.8, N40.5, N3 and N5 respectively.
Top trades by volume
Guaranty Trust Bank was the most actively traded stock on the floor of the Stock market, trading 96.01 million units of shares at N2.29 billion across 731 deals. GT bank accounted for 37.05% of the total value of shares traded today.
UBA traded in 49.51 million units of shares valued at N318.78 million across 373 deals followed by Zenith Bank, which traded in 45.56 million units of shares at N827.9 across 812 deals. United Capital recorded trades in 32.94 million units of shares at N105.15 million across 313 deals while First Bank Holdings rounded the list with trades in 32.91 million units of shares at N155.89 million across 389 deals.