Ecobank, Unilever, 21 others drag stock market lower

The nation’s stock market shed a further N15bn on Thursday as losses in stocks, led by Ecobank Transnational Incorporated, dragged the market lower.

The market capitalisation of equities listed on the Nigerian Stock Exchange dropped from N13.198tn on Wednesday to N13.153tn on Thursday.

The All-Share Index declined by 0.11 per cent to 27,052.93 basis points from the 27,083.11bps recorded on Wednesday as the year-to-date loss further worsened to -13.91 per cent.

A total of 233.200 million shares valued at N3.636bn exchanged hands in 4,331 deals, compared to the 235.117 million units valued at N3.291bn that exchanged hands the previous day.

Performance across sectors was bearish as all sectors closed on a negative note, save the oil and gas index that remained unchanged.

The consumer goods index led losers, down by 1.13 per cent on the back of major losses in GlaxoSmithKline Consumer Nigeria Plc.

The banking sector, dragged by major losses witnessed in Ecobank, Stanbic IBTC Holdings Plc and Fidelity Bank, declined by 0.86 per cent.

Price depreciation in Wapic Insurance and Mutual Benefits Assurance Plc dragged the insurance index lower by 0.85 per cent.

The industrial goods index depreciated by 0.18 per cent due to the losses recorded in Unilever Nigeria Plc.

At the end of trading on Thursday, nine gainers emerged. They include Cement Company of Northern Nigeria Plc, Unity Bank Plc, Livestock Feeds Plc, Jaiz Bank Plc, MTN Nigeria Communication Plc, Union Bank Nigeria Plc, Transnational Corporation of Nigeria Plc, Dangote Flour Mills Plc and Zenith Bank Plc.

The top five losers were Ecobank, Unilever, Red Star Express Plc, Stanbic IBTC Holdings and Custodian Investment Plc, as they recorded share price depreciation of 10 per cent, 10 per cent, 9.98 per cent, 9.97 per cent and 9.68 per cent, respectively.

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