Nigerian Stock Market Remains Under Water, Down 0.45%

By Dipo Olowookere

Trading activities on the floor of the Nigerian Stock Exchange (NSE) further closed in the negative territory on Wednesday as profit-taking persisted.

When the market wrapped up for the day’s business, it was down by 0.45 percent, sinking the Year-to-Date gain deeper to -2.59 percent.

This was despite the volume of shares exchanged by investors yesterday appreciating by 34.65 percent, though the value went down by 0.41 percent.

Business Post reports that at the close of transactions on Wednesday, a total of 287.1 million equities exchanged hands in 3,526 deals worth N3.7 billion against the 213.2 million shares sold on Tuesday valued at N3.8 billion.

These trades were dominated by financial stocks, which transacted 238.3 million units worth N3.1 billion and the conglomerates stocks, which exchanged 24.1 million units valued at N33 million.

A look at the individual stock showed that Access Bank was the most traded yesterday, selling 116 million units worth N1.2 billion.

It was trailed by Zenith Bank, which sold 41.1 million shares valued at N999 million, and Transcorp, which exchanged 23.7 million shares worth N29.1 million.

GTBank exchanged 14.7 million equities for N588.9 million, while FBN Holdings transacted 12.4 million shares valued at N129.8 million.

The All Share Index (ASI) decreased yesterday by 167.76 points to close at 37,253.25 points, while the market capitalisation depreciated by N61 billion to finish at N13.495 trillion.

Wednesday’s highest price loser was Julius Berger as its shares depreciated by N3 at the close of business to settle at N27 per share.

Following were International Breweries, which lost N2.65k to finish at N38.35k per share, and Dangote Cement, which fell by N2 to end at N225 per share.

Lafarge decreased by N1.85k to close at N33.90k per share, while Flour Mills went down by 25 kobo to finish at N30.75k per share.

At the other side, it was a fruitful day for Mobil Oil Nigeria as its shares appreciated by N15.50k to close at N180.50k per share.

It was followed by Forte Oil, which went up by N1.45k to close at N31.30k per share, and Nigerian Breweries, which increased by N1 to end at N111 per share.

Custodian and Allied grew by 57 kobo to settle at N6.27k per share, while UAC of Nigeria increased by 35 kobo to finish at N13.55k per share.