Flour Mills Punctures Stock Market by 0.22%

flour mills

By Dipo Olowookere

For the first time in seven successive sessions, the Nigerian Stock Exchange (NSE) closed bearish on Thursday, losing 0.22 percent.

The loss was influenced by profit taking mostly in the banking, energy and consumer goods segments, which caused the sectors to close lower by 2.79 percent, 0.63 percent and 0.07 percent respectively.

Only the insurance and industrial goods sectors closed positive with 1.16 percent and 0.23 percent respectively.

Business Post reports that the All-Share Index (ASI) depreciated by 55.22 percent to 25,166.01 points from 25,221.23 points, while the market capitalisation decreased by N29 billion to N13.115 trillion from N13.144 trillion.

A total of 348.2 million stocks worth N3.4 billion exchanged hands yesterday in 7,148 deals compared with the 581.6 million equities valued at N5.6 billion traded in 7,759 deals. This indicated a 40.13 percent drop in the trading volume, 38.60 percent decline in the trading value and 7.87 percent decline in the number of deals.

FBN Holdings was the most trade stock on Thursday as the lender transacted 47.4 million units valued at N261.9 million.

Access Bank traded 36.9 million shares worth N270.7 million, Zenith Bank exchanged 27.4 million equities for N478.1 million, UBA sold 25.0 million stocks valued at N174.4 million, while GTBank transacted 23.5 million stocks for N576.2 million.

At yesterday’s trading session, the market breadth closed positive despite the profit-taking with 18 price rises and 17 price decliners.

Dangote Cement was the highest price gainer, rising by N1.20 to settle at N138.50 per share, while MTN Nigeria grew by N1 to N116 per unit.

Guinness Nigeria appreciated by 80 kobo to N20 per unit, GlaxoSmithKline rose by 60 kobo to N8.45 per share, while Custodian Investment gained 45 kobo to sell at N6.30 per unit.

On the flip side, Flour Mills was the heaviest price loser, shedding N1 to trade at N20 per share, while Ecobank deflated by 60 kobo to N5.45 per unit.

UBA went down by 45 kobo to N6.75 per share, GTBank lost 45 kobo to sell at N24.40 per unit, while Zenith Bank also decreased by 45 kobo to N17.45 per share.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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