Bears Return as Stock Market Loses N17b

April 20, 2017
Equities Market bearish bullish

Bears Return as Stock Market Loses N17b

The Nigerian Stock Exchange (NSE) returned to a bearish trend on Thursday 24 hours after it closed in the green territory.

Decline recorded in the share value of 7up, Okomu Oil and 14 other stocks dragged the stock market towards the south, resulting into a loss of 0.19 percent.

Seven-Up lost N5.24k to close at N99.66k per share, while Okomu Oil depreciated by N2.49k to finish at N47.39k per share.

Dangote Cement slumped by N1 to end at N159 per share, UACN dropped 50k to close at N14.10k per share, while Ecobank declined by 38k to finish at N7.38k per share.

Business Post reports that the market recorded low activities today, resulting into a drop in the volume of shares transacted.

A total of 148 million shares exchanged hands on Thursday worth N837 million traded in 2,578 deals in contrast to 322.3 million units of shares transacted on Wednesday in 2,907 deals valued at N1.5 billion.

Just like the number of declining stocks, 16 stocks also appreciated in price today with Seplat leading the pack after growing by N5 to close at N405 per share.

Nigerian Breweries trailed with a rise of N1 to end at N124 per share, while Stanbic IBTC followed with a gain of 49k to finish at N19.50k per share.

Nestle advanced by 30k to close at N750.30k per share, while Africa Prudential Registrars progressed by 12k to finish at N2.53k per share.

Business Post further reports that the All-Share Index shed 49.02 points to finish at 25,282.75 points, while the market capitalisation lost N17 billion to end at N8.748 trillion and the year-to-date return closed at -5.90 percent.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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