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Stock market bows to bears as ASI dip 0.55% on Friday 

Samuel Oyekanmi by Samuel Oyekanmi
March 7, 2020
in Business News, Markets
Nigerian Stock Exchange, Nigerian Stocks, Daily market summary, NSE, Bourse bows to bears as ASI dip 0.55% on Friday, NSE: Bears dominant reign continues as ASI shed 4.91% on Tuesday, Bearish trend persists at Nigerian Stock Exchange, as investors lose N456 billion, Bears return, Nigeria’s local bourse drops 0.12%, Bears return Nigeria's ASI index down 3.12% Investors lose N370 billion, Bulls lift Nigerian bourse up 0.10%, as trading volume picks up,  BUACEMENT, CADBURY, WAPCO Bring the Bears to Party, Investors Lose N198.05 Billion
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The Nigeria Stock Exchange witnessed a bearish trading session on Friday as the major market indicator, the All-share index dipped 0.55% to close at 26,279.61 index points leaving the equity market capitalization at N13.70 trillion.

The negative performance could be attributed to losses recorded in medium and large capitalized stocks such as Zenith Bank, Unilever Nigeria, Stanbic IBTC, Access Bank, Lafarge and GTBank, which made the market to shed a total of N75.39 billion as the market capitalization dipped 0.55% to close at N13.7 trillion from an initial value of N13.78 trillion.

Top gainers

11 (Mobil) Plc was the best performing stock in the stock market on Friday, as it gained 9.98% to close at N146.5 followed by Learn Africa Plc, which gained 9.9% to close at N1.11 from an opening value of N1.01.

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Red Star Express, which opened at N2.98, recorded 9.73% gain to close at N3.27, May & Baker Nigeria Plc gained 9.69% to close at N2.15 while UAC Property rounded off with 9.68% gain to close at N1.02.

[READ MORE: FUGAZ lead actively traded stocks as bourse up by 1.7%)

Top losers

Omatek Ventures was the worst-performing stock on Friday as it dipped 9.76% from N0.41 to close at N0.37 followed by Ecobank Transnational with 9.3% loss to close at N5.85.

First Bank Holdings also declined by 6.96% to close at N05.35 as well as Wema Bank, which dipped 6.15% to close at N0.61 while Zenith Bank dipped 6% to round off the list N18.8.

Top trades by volume

Zenith Bank despite recording a dip, was the most actively traded stock on the bourse today as it traded in 85.84 million units of shares valued at N1.65 billion across 880 deals followed by GT Bank, which recorded trades in 43.95 million units of shares at N1.08 billion across 581 transactions.

UBA recorded trades in 34.92 million units of shares at N242.74 million across 364 deals, Access Bank also traded in 24.66 million units of shares at N214.61 million in 195 deals while Fidelity Bank capped the list with trades in 22.79 million units of shares at N45.35 million across 105 deals.


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Tags: 11 (Mobil) PlcLearn Africa PlcNigeria Stock ExchangeRed Star ExpressUAC Property
Samuel Oyekanmi

Samuel Oyekanmi

For further inquiries about this article, contact: Email: samuel.oyekanmi@nairametrics.com Twitter: @OYEKANMISAMUEL Linkedln: Samuel Oyekanmi

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