STOCK MARKET SUSTAINS BEARISH PROFILE

Trading activities on the floor of the Nigerian stock market yesterday closed in the red trajectory, as the bear maintained its dominance on most blue chip companies following investors' persistence on profit taking.

Consequently, the All Share Index lost 0.04 per cent or 13.52 basis points to close at 33,342.02 points, while market capitalisation equally depreciated marginally by N4 billion or 0.04 per cent to close at N10.667 trillion as against N10.671 trillion recorded on Wednesday.

Custodian Insurance Plc led the gainers' table with 9.77 per cent to close at N2.36 per share, followed by D N Meyer Plc with 9.40 per cent to close at N1.63 per share.

On the flip side, Prestige Insurance Plc dipped by 9.82 per cent to close at N1.01 per share, while Fidson Nigeria Plc dropped by 9.74 per cent to close at N1.76 per share.

The Insurance sub-sector of the financial services sector was the most active during the day (measured by turnover volume); with 229,6 million shares worth N277 million exchanged by investors in 832 deals.

Volume in the insurance sector was largely driven by activity in the shares of  International Energy Insurance and Sovereign Trust Insurance Plc.

Also, the banking sub-sector of the financial services sector, boosted by activity in the shares of Access Bank and UBA Plc, followed with 194.2 million shares valued at N1.6 billion in 2,573 deals.

On the whole, investors staked a total turnover of 706.4 million shares worth N3.9 billion in 7,564 transactions.