Financial Stocks Remain Most Traded as NSE Index Stays Down

By Modupe Gbadeyanka

Despite the volume and value of shares traded by investors on the floor of the Nigerian Stock Exchange (NSE) significantly appreciating on Wednesday, the local bourse still finished in the negative territory.

There were notable sell-offs witnessed on the bellwether counters in the Industrial Goods and Consumer goods sectors.

The volume of equities transacted today increased by 19.49 percent from 409.2 million to 489 million, while the total value of stocks exchanged improved by 44.03 percent from N3.9 billion to N5.6 billion.

Business Post reports that the Financial Services sector led the activity chart with 339.9 million shares exchanging hands for N2.8 billion, while the Oil and Gas industry followed with 77.4 million shares traded for N76 million.

African Alliance Insurance emerged the most traded stock, selling a total of 82.8 million units worth N20.4 million.

Japaul Oil followed with 75.6 million shares traded for N42.3 million, and Fidelity Bank sold 63.9 million for N151.4 million.

Zenith Bank exchanged 29.6 million equities worth N837.7 million, while FBN Holdings transacted 28.8 million shares valued at N344.3 million.

At the close business activities on Wednesday, the stock market went down by 0.46 percent with the year-to-date return depreciated to 9.50 percent.

Specifically, the All-Share Index (ASI) lost 190.93 points to settle at 41,495.43 points, while the market capitalisation reduced by N69 billion to finish at N14.844 trillion.

The market breadth closed negative today with 19 equities recording price appreciation while 35 stocks depreciated at the stock market.

Guinness Nigeria was the day’s biggest price gainer, improving by N4.80k to settle at N105 per share.

It was trailed by GlaxoSmithKline, which rose by N1.5k to finish at N22.5k per share, and Dangote Flour, which increased by 75k to close at N15.75k per share.

CCNN advanced by 50k to end at N18.75k per share, while NASCON also moved up by 50k to finish at N20.50k per share.

On the flip side, Nestle Nigeria suffered the heaviest loss after going down by N30 to close at N1350 per share.

Lafarge went down by N3.30k to finish at N47.5k per share, while Stanbic IBTC depreciated by N2.15k to end at N46 per share.

Cadbury Nigeria declined by N1.35k to settle at N12.65k per share, while Nigerian Breweries fell by N1.20k to wrap the day at N126 per share.