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Nigerian Stocks Further Lose Value in Midweek Trade by 0.11%

By Dipo Olowookere

Value of stocks transacted at the Lagos exchange further depreciated during the midweek session as profit-taking persisted.

This is because investors were very anxious of political happenings in the country ahead of the general elections early next year.

At the close of business on Wednesday, the Nigerian Stock Exchange (NSE) was down by 0.11 percent with the year-to-date loss at 15.32 percent.

Also, the All-Share Index (ASI) depreciated by 35.12 points to close at 32,382.58 points, while the market capitalisation reduced by N13 billion to settle at N11.822trillion.

Business Post reports that the highest price loser yesterday was Nigerian Breweries after going down by N2.50k to close at N85.50k per share.

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Transcorp Hotels depreciated by 65 kobo to finish at N6.10k per share, while UAC of Nigeria went down by 50 kobo to end at N11 per share.

FBN Holdings suffered a 25 kobo loss to close at N9.20k per share, while Mobil Oil Nigeria crashed by 20 kobo to settle at N175 per share.

On the flip side, Nestle Nigeria recorded the biggest price appreciation, growing by N15.30k to close at N1420.30k per share.

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It was followed by CAP, which grew by N3 to end at N33 per share, and Unilever Nigeria, which advanced by 50 kobo to settle at N42.50k per share.

Flour Mills also rose by 50 kobo to end at N20.40k per share, while Red Star Express appreciated by 30 kobo to finish at N4.60k per share.

At the close market yesterday, the volume of equities traded by investors decreased by 61.50 percent from 349.5 million to 134.6 million, while the value appreciated by 32.23 percent from N1.5 billion to N1.9 billion.

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A look at the activity chart showed that the Financial Services sector led with 91.3 million equities sold for N859 million, while the ICT followed with 12.4 million shares traded for N3 million.

FCMB emerged the day’s most transacted stock, accounting for 18.3 million units sold for N31.1 million.

Fidelity Bank exchanged 17.2 million shares valued at N32.2 million, while FBN Holdings traded 15.8 million units worth N145.7 million.

Chams Plc sold 12.4 million units of its shares for N3.2 million yesterday, while GTBank exchanged 12.1 million equities for N444.7 million.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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