NSE Index Weakens Further by 0.73% Amid Panic Selling

By Modupe Gbadeyanka

Worries about the security situation in the country further impacted on the Nigerian Stock Exchange (NSE) on Tuesday, resulting in another 0.73 percent loss at the close of business.

There have been massive sell-offs of stocks at the market recently by some foreign portfolio investors, who constitute a larger part of investors at the exchange.

At yesterday’s trading session, investors further pulled out N98 billion from the stock market amid heightened security worries.

At the close of transactions, the All-Share Index (ASI) went down by 222.36 points to settle at 30,099.83 points, while the market capitalisation reduced by N98 billion to close at N13.256 trillion.

A total of 15 counters recorded losses during the Tuesday’s trading session, while 10 companies posted gains, leaving the market breadth negative.

Mobil Oil Nigeria led the loser’s chart after a price depreciation of N6.50k to close for the day at N163.50k per share.

It was followed by Dangote Cement, which went down by N4 to close at N185 per share, and Nigerian Breweries, which fell by N1 to end at N57 per share.

Also going down by N1 yesterday was MTN Nigeria to finish at N135 per share, while Dangote Sugar depreciated by 50 kobo to settle at N11 per share.

On the gainers’ table, Unilever Nigeria claimed the number one spot after appreciating by N2.35k to finish at N30.95k per share.

Access Bank gained 10 kobo to close at N6.40k per share, while NEM Insurance went up by 5 kobo to end at N2.10k per share.

NAHCO rose by 3 kobo to finish at N3.09k per share, while ABC Transport increased its share value by 2 kobo to close at 30 kobo per share.

Business Post reports that the level of activity at the market yesterday was mixed with the volume of shares transacted declining by 5.64 percent, while the value increased by 1.04 percent.

A total of 233.5 million equities exchanged hands on Tuesday compared with the 247.4 million units on Monday, while stocks worth N3.5 billion were traded yesterday in contrast to 3.4 billion in the previous session.

An analysis of the trades showed that 50.3 million units of WAPIC Insurance shares worth N20.1 million were traded by investors during the trading day.

Zenith Bank sold 28.2 million shares valued at N566.5 million, while Courtville Business Solutions exchanged 25.2 million equities worth N5 million.

Access Bank transacted 25.1 million shares for N157.3 million, while Sterling Bank traded 21.1 million shares valued at N49.6 million.

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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