The Nigerian stock market made a u-turn on Thursday with lead index closing 0.19 percent lower than previous session.

The All Share Index (ASI) was down by 49.02 points or 0.19 percent to close at 25,282.75 points. This is in contrast to Wednesday’s growth of 124.70 points or 0.50 percent when the ASI closed at 25,331.77 points.

Market capitalization likewise dropped 17 billion or 0.19 percent to close at N8.748 trillion in contrast to N44 billion added previously when market cap closed at N8.765 trillion.

The decline in market activity was attributed to price decline recorded in highly capitalized stocks such as 7up, Okomu Oil, Dangote Cement, UACN and ETI.

They each lost N5.24, N2.49, N1, 50 kobo and 38 kobo per share respectively to record the day’s biggest price losses.

However, Africa prudential that closed at N2.53 recorded the highest percentage increase of 4.98 percent to lead the day’s 16 gainers.

Vitafoam followed with an appreciation of 4.74 percent to close at N1.99 per share, and Diamond Bank added 4.71 percent to close at 89 kobo per share.

Transcorp and Honeywell Flour Mills also increased 4.49 and 4.08 percent respectively to close at 93 kobo and N1.02 per share each.

Topping the day’s 15 losers was 7up with a decline of 5 percent to close at N99.66, Okomu Oil trailed with a loss of 4.99 percent to close at N47.39 per share.

Unity Bank shed 4.92 percent to close at 58 kobo per share, ETI dropped 4.90 percent to close at N7.38 and Nigeria Police Force micro Finance Bank lost 4.65 percent to close N1.23 per share.

Transcorp topped the day’s trading activities with an exchange of 28.1 million shares valued at N25.7 million, it was trailed by Diamond Bank with 25 million shares valued at N21.8 million while FCMB traded 13.8 million shares worth N13.8 million

Guaranty exchanged 12.2 million shares worth N302 million and UBA sold 9.9 million shares worth N51.1 million.

The volume of shares traded declined to 147.9 million units against 322.29 million recorded Wednesday, while valued traded in 2,578 deals slumped to N836.8 million in comparison with N1.53 billion transacted Wednesday.


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