Losses by Zenith Bank and 12 other stocks returned the Nigerian equity market to downturn, shedding 0.34 per cent on Friday.
Persistent sell pressure on some big-name stocks like Zenith Bank, FBNH, Bua Cement, etc., caused the All-Share Index (ASI) decreased by 84.54 absolute points, representing a dip of 0.34 per cent to close at 24,427.73 points.
The Market Capitalization shed N44.10 billion, representing a contraction of 0.34 per cent to close at N12.74 trillion, taking the market year to date performance to -8.99 per cent.
Seplat topped the laggards’ chart, dropping by N38.60 to close at N347.40 per share.
BUA Cement trailed with N1 to close at N39, while Unilever dipped 60k to close at N12.25 per share.
United Bank for Africa lost 10k to close at N6, while FBN Holdings inched lower by 5k to close at N4.75 per share.
Conversely, Julius Berger dominated the gainers’ table, appreciating by N1.55 to close at N17.05 per share.
Stanbic IBTC came second with N1 to close at N30, while Custodian investment added 50k to close at N5.50 per share.
Dangote Sugar Refinery increased by 20k to close at N11.90, while NAHCO gained 17k to close at N2.20 per share.
However, the volume of shares traded increased marginally by 6.03 per cent with an exchange of 174.19 million shares worth N2.38 billion in 3,723 deals.
This was against a turnover of 164.29 million shares valued at N2.13 billion recorded in 2,986 deals on Thursday.
The banking stocks drove the activity chart with Zenith Bank emerging the most active, trading 34.57 million shares worth N537.55 million.
FBN Holdings sold 28.13 million shares valued at N140.12 million, while United Bank for Africa traded 14.49 million shares worth N87.93 million.
Access Bank sold a total of 9.76 million shares worth N60.35 million, while Nigerian Breweries traded 9.72 million shares valued at N301.31 million.