NSE Indices Remain Bearish, Shed 0.39% Thursday

By Dipo Olowookere

Activities on the Nigerian Stock Exchange (NSE) remained bearish on Thursday as investor confidence continues to wean.

The market closed 0.39 percent lower yesterday, with losses recorded across the segment except the oil and gas, which finished 0.45 percent higher.

The insurance sector suffered the highest loss yesterday with a decline of 2.46 percent, while the industrial and consumer goods sectors lost 0.45 percent each with the banking index going down by 0.37 percent.

At the close of business, the All-Share Index (ASI) shed 115.61 points to settle at 29,553.12 points, while the market capitalisation decreased by N44 billion to finish at N11.100 trillion.

It was observed that during Thursday’s trading session, the total volume of shares exchanged by investors reduced by 8.02 percent to 499.1 million from 542.6 million, while the total value of traded equities dropped by 48.89 percent to N2.9 billion from N5.7 billion.

Sterling Bank was the day’s most active stock, accounting for a turnover of 124.8 million units worth N299.4 million.

Chams sold 114.7 million units of its stock for N23.7 million, while FBN Holdings transacted 55.4 million equities worth N407.1 million.

Zenith Bank traded 31.9 million shares valued at N653.9 million, while UBA sold 28.4 million equities worth N180.5 million.

An analysis of the price movement chart yesterday showed that Mobil Oil Nigeria topped the losers’ table with N8 loss to close at N170 per share.

CAP went down by N3.70k to finish at N33.70k per share, while Dangote Cement dropped N1 to close at N189 per share.

Unilever Nigeria depreciated by 70 kobo to finish at N35 per share, while Dangote Flour reduced by 50 kobo to finish at N8 per share.

Conversely, Forte Oil closed as the day’s highest price gainer, appreciating by N2.45k to settle at N27.40k per share.

Vitafoam went up by 28 kobo to close at N3.85k per share, while Oando grew by 15 kobo to end at N4.95k per share.

Zenith Bank added 10 kobo to its share value to finish at N20.50k per share, while Sterling Bank appreciated by 7 kobo to close at N2.55k per share.