The local stock market recorded a 0.02% loss on Thursday on the back of persistent sell pressure in bellwether stocks.
The news of a billionaire businessman, Mr Femi Otedola, acquiring about a 5.5 per cent stake in Transcorp to become one of its largest shareholders could not lift the spirits yesterday.
The development only triggered buying pressure on Transcorp stocks, which appreciated during the session by 10.00 per cent to close at N1.54. Coronation Insurance rose by 7.69 per cent to 42 Kobo, Champion Breweries grew by 7.64 per cent to N4.93, Mutual Benefits gained 6.25 per cent to quote at 34 Kobo, and Prestige Assurance improved by 5.26 per cent to 40 Kobo.
Conversely, May and Baker declined by 10.00 per cent to N4.05, Ikeja Hotel lost 9.24 per cent to close at N1.08, Multiverse fell by 7.60 per cent to N2.31, Academy Press shed 6.67 per cent to trade at N1.26, and NPF Microfinance Bank slumped by 6.32 per cent to N1.78.
When the market ended for the session, the market breadth was negative as there were 18 price gainers and 21 price losers.
The energy index remained flat during the session, as the industrial goods and the consumer goods counters expanded by 0.16 per cent and 0.05 per cent apiece, while the banking and the insurance sectors depreciated by 0.75 per cent and 0.29 per cent, respectively.
Consequently, the All-Share Index (ASI) decreased by 8.83 points to 51,944.58 points from 51,953.41 points, while the market capitalisation depleted by N4 billion to N28.296 trillion from N28.300 trillion.
A total of 302.9 million shares valued at N2.0 billion exchanged hands in 3,743 deals on Thursday, in contrast to the 255.2 million shares worth N1.8 billion traded in 3,890 deals in the midweek session, implying a decline in the number of deals by 3.78 per cent, and an increase in the trading volume and value by 18.69 per cent and 11.11 per cent apiece.
Transcorp remained the most active stock during the trading day as it sold 107.2 million, while Fidelity Bank traded 39.3 million units. UBA transacted 22.6 million equities, Zenith Bank exchanged 20.6 million stocks, and FCMB traded 12.6 million shares.
