Cornerstone Insurance, 20 others push stock market lower

The equities market of the Nigerian Exchange Limited closed on a negative note on Tuesday as 21 firms, led by Cornerstone Insurance Plc recorded losses at the end of trading.

The market capitalisation and the NGX ASI dropped slightly by 0.004 per cent from 39,252.89 basis points and N20.451tn, respectively on Monday to 39,251.29bps and N20.45tn.

Market activity was, however, bullish as trading volume and value increased by 68.73 per cent and 107.97 per cent respectively.

A total of 355.94 million shares worth N2.87bn were exchanged in 4,241 deals compared to 210.95 million shares valued at N1.38bn in 3,989 deals on Monday.

Analysing by sectors, the NGX Banking, Insurance and Industrial indices fell by 0.31 per cent, 0.90 per cent and 0.003 per cent respectively while the NGX Consumer Goods and NGX Oil & Gas indices rose by 0.52 per cent and 1.00 per cent respectively.

The NGX Premium index lost 0.03 per cent while the Main Board index appreciated by 0.02 per cent.

Market sentiment, as measured by market breadth, was negative as 21 tickers recorded losses compared to 15 gainers at the end of trading on the floor of the NGX on Tuesday.

United Capital Plc led the gainers with an 8.00 per cent increase to close at N8.10 per share.

International Breweries Plc followed with a 7.53 per cent gain, ending the day at N5.00 per share.

Other top gainers for the day were Honeywell Flour Mills Plc (6.67 per cent), Oando Plc (6.02 per cent), and Africa Prudential Plc (5.79 per cent).

Atop the losers’ table was Cornerstone Insurance Plc, which slumped by 8.77 per cent to N0.52 per share. It was followed by Universal Insurance, which fell by 4.77 per cent to N0.20 per share.

Ecobank Transnational Incorporated, NEM Insurance Plc and UACN Plc dropped by 4.55 per cent, 4.50 per cent and 4.09 per cent respectively. PUNCH

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