Stock market moves further south as Zenith, GSK, C& I Leasing top laggards

The stock market of Africa’s largest economy failed to halt its losing streak on Thursday as it moved further in the red zone by 0.04 percent or N13billion.

Zenith Bank led the league of laggards after its share price moved day open high of N23.40 to N22.85, shedding 55kobo or 2.35percent.

It was followed by C&I Leasing which dropped from N3.50 to N3.20, losing 30kobo or 8.57percent and GSK which also decreased from a high of N7.30 to N7.10, losing 20kobo or 2.74 percent.

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The market’s performance indicators – the Nigerian Stock Exchange (NGX) All Share Index (ASI) and Market Capitalisation decreased further from preceding day’s highs of 53,193.98 points and N28.677trillion respectively to
53,170.73 points and N28.664trillion.

Transcorp, GTCO, UBA, FBN Holdings and Zenith Bank were actively traded stocks on the Nigerian Exchange Limited (NGX) on Thursday.

In 4,345 deals, securities dealers traded
318,417,693 shares valued at N3.338billion. Also, the market’s year-to-date (YtD) return decreased to 24.47 percent.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).

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