Nigeria Stock Market loses N28 bn

By Ikenga Chronicles October 19, 2016

The Nigerian Stock Exchange (NSE) yesterday witnessed another sell pressure after it began the trading week the previous day on the negative note.

Consequently, the overall performance measures, NSE ASI and market capitalisation, fell by 0.29 per cent.

This was due to sustained profit taking by bargain hunters in the wake of cautious optimism that had pervaded the market following upset in the financial sector.

Accordingly, the All-Share Index shed 79.68 basis points or 0.29 per cent to close at 27,555.31 index points as against 27,634.99 recorded the previous day, while market capitalisation of equities depreciated by N28 billion or 0.29 per cent to close lower at N9.464 trillion as against N9.492 trillion.

Meanwhile, a turnover of 154.2 million shares in 2,510 deals was recorded in the day’s trading.

The banking sub-sector of the financial services sector was the most active (measured by turnover volume) with 108.7 million shares exchanged by investors in 755 deals.

Volume in the sub-sector was largely driven by activities in the shares of Ecobank Plc and UBA Plc. Also, other premium subsector, boosted by the activities in the shares of FBNH Plc and Zenith Bank Plc followed with a turnover of 15.3 million shares in 392 deals.

The number of gainers at the close of trading session was 13, while decliners closed at 27. Further analysis of the day’s trading showed that Total Nigeria Plc topped the gainers’ table with five per cent to close
at N303.97 per share, while Neimeth International Plc followed with 4.88 per cent to close at 86 kobo per share.

Livestock Feeds Plc gained 3.53 per cent to close at 88 kobo per share. On the flip side, AG Leventis Plc led the losers’ chart with a drop of 8.60 per cent to close at 85 kobo per share.

Diamond Bank Plc and Seplat Petroleum Plc trailed with a loss of five percent each to close at N1.14 and N361.00 per share respectively, while GSK Plc dropped by 4.98 per cent to close at N16.61 per share.

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