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NSE Indices Return to Negative Territory With 0.48% Loss

By Modupe Gbadeyanka

Profit-taking by investors at the Nigerian bourse on Thursday plunged the major market indices to the negative territory.

The Nigerian Stock Exchange (NSE), which had closed 0.15 percent higher on Wednesday, finished 0.4 percent yesterday.

The absence of any positive development dampened the mood of investors at the stock market, leading them to quickly sell off to make gains.

This reduced the All-Share Index (ASI) yesterday by 149.49 percent to close at 31,210.79 points, while the market capitalisation decreased by N56 billion to end at N11.639 trillion.

During the trading session, the volume of shares exchanged by investors depreciated by 52.94 percent to 177.6 million from 377.5 million, while the value increased by 13.18 percent to N2.6 billion from N2.3 billion.

Zenith Bank emerged the most active stock, recording a total turnover of 80.8 million units worth N1.8 billion.

It was followed by Sterling Bank with a turnover of 16.8 million shares valued at N41.9 million, and FCMB with a turnover of 12.1 million equities worth N23.8 million.

In addition, GTBank sold 6.4 million shares for N228.2 million, while Fidelity Bank exchanged 6 million equities worth N13.1 million.

An analysis of the price movement chart gave Nestle Nigeria as the heaviest loser yesterday, going down by N4.90k to close at N1545 per unit.

Dangote Cement depreciated by N2 to end at N190 per share, while Transcorp Hotels fell by 55 kobo to settle at N5.40k per share.

Eterna depreciated by 40 kobo to finish at N4.40k per share, while GTBank declined by 30 kobo to close at N35.40k per share.

On the flip side, Dangote Flour emerged as the biggest price gainer, appreciating by 80 kobo to settle at N10.30k per share.

Ikeja Hotels added 17 kobo to its share price to end at N2.30k per share, while Sterling Bank went up by 14 kobo to finish at N2.50k per share.

NEM Insurance gained 12 kobo on Thursday to close at N2.50k per unit, while UBA appreciated by 10 kobo to finish at N7.65k per share.

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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