23 Stocks Plunge NSE Index Back into Red Zone by 0.51%

By Modupe Gbadeyanka

The losses posted by 23 companies trading their shares at the nation’s stock market brought back negative sentiments on Tuesday. This led to the 0.51 percent fall recorded by local bourse yesterday.

It was observed that investors took advantage of the gains achieved on Monday to quickly take profit, weighing down on the market performance when transactions ended.

The profit-taking pushed the All-Share Index (ASI) of the Nigerian Stock Exchange (NSE) lower yesterday by 141.98 points to settle at 27,527.40 points and the market capitalisation by N69.2 billion to close at N13.415 trillion.

Like in the previous session, the market activity was mixed with the volume of transactions decreasing by 39.18 percent to 170.7 million from 280.7 million and the value of the trades increasing by 60.49 percent to N2.3 billion from N1.4 billion.

Dominating the activity chart at the Tuesday’s session was Access Bank. The company, on the floor of the NSE, traded 65.1 million units of its shares for N409.2 million.

GTBank, which trailed, exchanged a total of 17.6 million units worth N488.8 million, while Dangote Flour transacted 16.2 million units valued at N324.6 million. Zenith Bank traded 10.9 million units worth N197.4 million, while UBA exchanged 7.6 million units valued at N45.2 million.

As earlier stated, a total of 23 stocks recorded losses at the market yesterday, with Beta Glass picking the top spot. The company’s shares went down by N6.60k on Tuesday to settle at N59.75k per unit.

Dangote Cement depreciated by N2 to finish at N168 per share, Forte Oil lost N1.15k to close at N18.30k per share, Cadbury Nigeria declined by N1.10k to close at N10.30k, while Dangote Flour decreased by 35 kobo to close at N20 per share.

However, six stocks appreciated in price on Tuesday and the gainers’ chart was topped by CCNN, which rose by 45 kobo to finish at N13.45k per share.

Lafarge Africa gained 20 kobo to close at N14.50k per share, May & Baker chalked up 10 kobo to close at N2.40k per share, Access Bank also gained 10 kobo to close at N6.20k per share, while United Capital appreciated by 8 kobo to close at N2.14k per share.