NSE Market Indices Drop 1.16% as Sell Off Persists

By Dipo Olowookere

Investors trading shares on the floor of the Nigerian Stock Exchange (NSE) embarked on a massive sell-off of their banking stocks on Tuesday, dipping the stock market further by 1.16 percent at the close of transactions.

Business Post reports that the market capitalisation, which managed to stay above N16 trillion yesterday, dropped to the N15 trillion zone when market closed for the day.

The value of stocks trading at the market, which was N16.090 trillion on Monday, closed today at N15.903 trillion, while the All-Share Index (ASI), which stood at 44,912.53 points yesterday, reduced to 44,389.85 points on Tuesday.

Also, the volume and value of shares transacted by investors depreciated on Tuesday as a total of 737.9 million shares worth N7.7 billion exchanged hands today in contrast to 4.4 billion stocks traded for N15.9 billion yesterday.

Skye Bank attracted the attention of investors on Tuesday, emerging the most traded equity after selling 150.4 million units worth N226.8 million.

FBN Holdings traded 104.2 million shares worth N1.4 billion, while Wema Bank transacted 64 million shares for N87.4 million.

Furthermore, Diamond Bank exchanged 44.4 million equities valued at N144.8 million, while Transcorp sold 43.4 million shares worth N94.3 million.

On the price movement chart, Mobil was the biggest price loser, shedding N7 of its share value to close at N209 percent.

It was followed by N4 to settle at N269 per share, and Julius Berger, which lost N1.60k to finish at N30.40k per share.

GTBank depreciated by N1.51k to end at N52 per share, while Zenith Bank went down by 75k to close at N32 per share.

On the flip side, Seplat topped the gainers’ chart after adding N9.99k to its share price to settle at N685 per share.

Unilever grew by N2.21k to close at N46.41k per share, while Nigerian Breweries appreciated by N2 to finish at N145 per share.

Presco rose by N1.31k to finish at N70 per share, while Nestle increased by N1.11k to end at N1471.11k per share.

Business Post expects further profit-taking tomorrow, though not as heavy as recorded today.