MTN Nigeria, 15 Others Reduce All-Share Index to 26,974.38 Points

By Modupe Gbadeyanka

The All-Share Index (ASI) of the Nigerian Stock Exchange (NSE) eventually dropped down to the 26,000 psychological mark on Wednesday, following losses recorded by 16 equities led by MTN Nigeria.

The benchmark index depreciated by 0.22 percent or 58.72 points at the midweek session to 26,974.38 points from 27,033.10 points. Similarly, the market capitalisation decreased by N31 billion to N14.052 trillion from N14.083 trillion.

At the market on Wednesday, investors exchanged 228.4 million shares, lower than the 241.7 million equities traded on Tuesday by 5.52 percent. Also, the value of stocks traded at the session reduced by 22.98 percent to N2.7 billion from N3.6 billion, while the number of deals reduced by 14.03 percent to 3,831 from 4,456.

These transactions were dominated by the banking sector with UBA trading 81.1 million units worth N548.9 million, while Zenith Bank sold 31.0 million shares worth N590.3 million.

Access Bank traded 22.3 million shares valued at N201.1 million, Transcorp sold 12.5 million shares worth N11.2 million, while United Capital transacted 11.5 million shares valued at N37.9 million.

MTN Nigeria, which led the decliners’ log, lost N4 to close at N112 per share, while Vitafoam lost 45 kobo to close at N4.06 per share.

Red Star Express declined by 40 kobo to finish at N3.61 per share, Ecobank decreased by 25 kobo to close at N6.25 per share, while University Press dropped 12 kobo to close at N1.13 per share.

At total of 11 equities depreciated in price at the midweek trading session and were led by BUA Cement, which gained N1.25 to close at N37.15 per share.

EkoCorp and UBA both gained 30 kobo each to close at N5.50 per share and N7.15 per share respectively, while GTBank appreciated by 20 kobo to close at N27 per share, with FCMB rising by 11 kobo to N1.86 per share.

Apart from the insurance sector, which lost 1.14 percent yesterday and the oil/gas sector, which closed flat for the third straight day, every other sector closed positive. The banking index rose by 0.38 percent, the industrial goods index gained 1.95 percent, while the consumer goods index appreciated by 0.01 percent.

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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