NSE Market Indices Marginally Drop 0.04%

By Dipo Olowookere

There was a sustained bearish mood on the trading floor of the Nigerian Stock Exchange (NSE) on Tuesday with the market indices marginally going down by 0.04 percent.

This was buoyed by selloffs recorded by shares in the Insurance, Consumer Goods and Oil and Gas sectors.

At the close of business yesterday, the market breadth finished negative with 24 price gainers and 25 price losers.

Forte Oil emerged the worst performer after it depreciated by N2.15k to finish the day at N40.85k per share.

It was followed by Nigerian Breweries, which lost N1 to close at N127 per share, and Dangote Cement, which also went down by N1 to end at N247 per share.

NASCON depreciated yesterday by 90k to settle at N20.50k per share, while Guinness Nigeria declined by 50k to end at N103.50k per share.

Conversely, it was a good day for Mobil Oil Nigeria as the stock rose by N7.60k to settle at N188 per share.

It was trailed by Presco, which went up by N2 to finish at N72 per share, and CCNN, which increased its share value by N1.10k to close at N23.45k per share.

Julius Berger advanced by 95k on Tuesday to end at N29 per share, while GTBank rose by 60k to finish at N45.65k per share.

Business Post reports that the market capitalisation reduced yesterday by N6.2 billion to finish at N14.908 trillion, while the All-Share Index (ASI) decreased by 17.02 points to close at 41,155.80 points.

However, it was observed that despite the bearish closure on Tuesday, the stock market recorded an improvement in the volume and value of equities traded by investors.

A total of 563.6 million shares were sold yesterday in 4,217 deals worth N5.8 billion compared with 221.4 million equities traded the previous day in 5,629 deals valued at N2.6 billion.

Investors’ toast at the market on Tuesday was FCMB as the stock sold 297.5 million units worth N745.2 million.

GTBank followed with 59.5 million units traded for N2.7 billion, with Zenith Bank exchanging a total of 32.5 million equities valued at N893.5 million.

Sovereign Trust Insurance traded 18.7 million shares valued at N4.1 million, while Fidelity Bank exchanged 17.9 million equities for N44.5 million.