Nigerian stock market ends nine-day gaining streak

The Nigerian stock market closed on a negative note on Friday, after recording gains for nine straight trading days.

The All-Share Index of the Nigerian Stock Exchange fell by 1.27 per cent to close at 24,045.50 basis points while the market capitalisation of equities dropped by N160 billion to N12.53 trillion.

The ASI and market capitalisation rose from 22,470.79 bps and N11.71 trillion respectively on April 23 to 24,354.25 bps and N12.69 trillion on May 7.

Seventeen stocks recorded losses at the end of trading on Friday, compared to 15 gainers.

UACN Property Development Company Plc led the losers as its share price fell by eight percent to close at N0.92.

Reuters reported on Thursday that UAC of Nigeria Plc planned to complete an unbundling of its majority stake in its loss-making property arm, UPDC, by July, subject to coronavirus disruptions that might affect approval timings.

University Press Limited saw its share price drop by 7.14 percent to N1.04, while MTN Nigeria Communications Plc shed 6.67 percent to close at N112 per share.

Japaul Oil & Maritime Services Plc and Mutual Benefits Assurance Plc lost 4.76 percent each to N0.20 per share each.

Fidson Healthcare Plc gained the most at the end of trading on Friday, as its share price rose by 7.83 percent to close at N2.48.

Custodian Investment Plc appreciated by 7.69 percent to close at N6.30 per share, while Nigerian Breweries Plc gained 7.45 percent to close at N37.50 per share.

The share price of Neimeth International Pharmaceuticals Plc rose by 6.67 percent to N0.64, while that of Africa Prudential Plc increased by 5.12 percent to N3.90.