NSE Index Sheds 0.17% as Investors Await Buhari’s Economic Direction

Dipo Olowookere

The first trading day on the floor of the Nigerian Stock Exchange (NSE) after President Muhammadu Buhari was sworn in for a second term in office yesterday ended bearish.

Business Post reports that the stock market depreciated by 0.17 percent on Thursday as investors embarked on profit-taking and wait to hear how the President intends to run his administration in the next four years.

During his inauguration on Wednesday, President Buhari failed to deliver any speech. It was said that the speech is to be delivered on June 12, 2019, when the country will mark Democracy Day.

At the close of transactions today, the All-Share Index (ASI) decreased by 52.81 points to settle at 31,254.19 points, while the market capitalisation reduced by N23 billion to end at N13.766 trillion.

Despite the loss printed by the market today, the market breadth finished positive with 20 price gainers and 19 price losers.

Dominating the top gainers’ chart on Thursday was Nestle Nigeria, rising by N4.50k to finish at N1454.50k at the sound of the closing gong.

MTN Nigeria gained N3.45k to settle at N136 per share, while Stanbic IBTC improved by 75 kobo to end at N43 per share.

UBA and Julius Berger appreciated by 35 kobo each to close at N6.60k and N23.85k per unit respectively.

At the other side, Unilever Nigeria claimed the top spot on the losers’ table after going down by N2.70k to finish at N31 per unit.

Dangote Cement went down by N1.80k to settle at N199.80k per share, while Forte Oil depreciated by N1.10k to end at N26.90k per unit.

GTBank declined by N1 to end at N32 per share, while Ecobank depreciated by 95 kobo to settle at N11.15k per share.

During trading today, the activity level was mixed as the volume of shares transacted rose by 9.44 percent from 344.3 million to 376.8 million, while the value depleted by 18.97 percent from N7.3 billion to N5.9 billion.

Union Diagnostic & Clinical Services led the activity chart today with a turnover of 43.4 million units sold for N10.4 million.

UBA exchanged 42.6 million shares worth N280.2 million, while Zenith Bank transacted 39.1 million equities valued at N803.8 million.

Access Bank traded 34.4 million shares for N220.1 million, while Law Union and Rock Insurance sold 29.6 million shares worth N14.2 million.