By Dipo Olowookere
Transactions on the trading floor of the Nigerian Stock Exchange (NSE) remained weak today as profit-taking activities persist, extending to the second trading session of this week.
Business Post reports that the market remained volatile on Tuesday as investors continue to react to the poor 2017 earnings released by Diamond Bank Plc last week in the absence of any positive news to positively change the mood and override the shocker.
Even news of the possible passage of the 2018 budget this week by the Senate was not enough to cheer investors.
The budget report was finally laid before both the Senate and the House of Representatives today with the estimates increased to N9.12 trillion from N8.61 trillion by the lawmakers.
At the close business on Tuesday, the local went down further by 0.15 percent, reducing the Year-to-Date (YtD) returns to 6.20 percent.
The All-Share Index (ASI) depreciated by 62.19 points to settle at 40,615.42 points, while the equity capitalisation reduced by N22.5 billion to finish at N14.712 trillion.
A look at the sector performance showed that the NSE Banking Index dropped 1.35 percent as a result of the 9.39 percent loss recorded by Diamond Bank, 5.56 percent loss by Skye Bank and 4 percent loss by Zenith Bank.
However, the NSE Consumer Goods Index appreciated by 1.42 percent due to the buy interest in Nestle Nigeria, which went up by 2.81 percent; and Nigerian Breweries, which increased by 2.30 percent.
Furthermore, the NSE Industrial Index grew today by 0.08 percent mainly due to gains recorded by CAP, which rose by 2.83 percent; while the NSE Oil & Gas Index ended flat.
The Financial Services sector led the activity chart today with 159.9 million shares exchanged for N2.8 billion, while the Consumer Goods followed with 16.8 million shares traded for N1.5 billion.
GTBank emerged the most active stock at the market on Tuesday, trading a total of 37.2 million units worth N1.6 billion.
It was trailed by UBA, which sold 31.5 million shares valued at N361.1 million, and Fidelity Bank, which exchanged 14.5 million equities for N33.8 million.
Zenith Bank transacted 11.7 million shares valued at N330.5 million, while Oando sold 11.1 million equities worth N84.7 million.
In all, a total of 203.4 million shares exchanged hands on Tuesday in 4,090 deals worth N4.4 billion in contrast to the 218.8 million equities traded on Monday in 4,109 deals valued at N2.2 billion.
This showed that the volume of stocks traded at the market today decreased by 7.05 percent, while the value appreciated by 98.47 percent.
Business Post reports that the market breadth index was negative with 25 declining stocks against 12 appreciating stocks.
Zenith Bank turned out to be the day’s biggest loser after shedding N1.15k of its share value to settle at N27.60k per share.
It was trailed by FBN Holdings, which went down by 50k to close at N11.50k per share, and Oando, which declined by 35k to finish at N7.40k per share.
GTBank decreased by 30k to end at N44 per share, while Dangote Flour reduced by 25k to close at N11.25k per share.
Conversely, Nestle Nigeria topped the gainers’ chart with N43 added to its share price to close at N1573 per share.
Nigerian Breweries went up by N2.80k to end at N124.80k per share, while CAP gained N1.10k to finish at N40 per share.
Ecobank rose today by 30k to finish at N21 per share, while NPF Microfinance Bank increased by 7k to close at N1.85k per share.
Adedapo Adesanya