Selloffs in Flour Mills, Zenith Bank, Others Weaken NSE Index by 0.09%
By Dipo Olowookere
The stock market in Nigeria witnessed another negative outcome on Tuesday as selloffs in Flour Mills, Zenith Bank and 16 others weakened the ecosystem by 0.09 per cent.
This reduced the All-Share Index (ASI) by 30.62 points to 35,033.74 points from the previous day’s 35,064.36 points. It also slashed the market capitalisation by N16 billion to N18.311 trillion from N18.327 trillion.
During the trading session, a total of 306.9 million shares worth N3.3 billion exchanged hands in 4,500 deals compared with the 324.3 million equities worth N3.2 billion transacted in 4,103 deals on Monday.
From the analysis of the activity chart, UBA was the most traded stock on Tuesday, exchanging 142.4 million units valued at N1.2 billion.
Zenith Bank sold 33.9 million shares worth N795.5 million, FBN Holdings transacted 12.6 million stocks for N89.4 million, GTBank traded 9.7 million equities valued at N321.9 million, while Ecobank transacted 9.2 million stocks for N52.4 million.
Flour Mills was the heaviest price loser yesterday as a result of the N1.20 decline suffered by its equities at the market, closing at N25.30 per unit.
Zenith Bank depreciated by 30 kobo to sell for N23.40 per share, Lafarge Africa went down by 30 kobo to close at N22.50 per unit, Access Bank declined by 20 kobo to finish at N8.30 per unit, while NAHCO lost 10 kobo to end at N2.30 per share.
Business Post reports that a total of 14 equities closed on the gainers’ table on Tuesday, with Ecobank claiming the number spot after it added 45 kobo to its share price to close at N5.85 per share.
Dangote Sugar gained 30 kobo to close at N18.90 per unit, UAC Nigeria added 10 kobo to its equity value to finish at N7.30 per share, Oando chalked up 8 kobo to settle at N2.93 per unit, while FTN Cocoa Processors gained 3 kobo to trade at 34 kobo per share.
Except there is a trigger today, the weak sentiment witnessed in the past trading sessions is expected to continue.