Stock Market Fall By N61billion

By Ikenga Chronicles November 4, 2016

Stock Market Fall By N61billion

The Nigerian Stock Exchange (NSE) yesterday continued to witness sell pressure after bearish activities characterized the market the previous day. The overall performance measures, NSE ASI and market capitalisation fell by 0.65 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.

However,, the All-Share Index shed 178.72 basis points or 0.65 per cent to close at 27,044.36 index points as against 27,223.08 recorded the previous day, while market capitalisation of equities depreciated by N61 billion or 0.65 per cent to close lower at N9.289 trillion as against N9.350 trillion. A turnover of 112.5 million shares in 2,684 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 37.6 million shares exchanged by investors in 960 deals. Volume in the sub-sector was largely driven by activities in the shares of Sterling Bank Plc and Access Bank Plc. Also, other premium subsector, boosted by the activities in the shares of FBNH Plc and Zenith Bank Plc followed with a turnover of 10.2 million shares in 363 deals.

The number of gainers at the close of trading session was 17, while decliners closed at 20.

Further analysis of the day’s trading showed that Honeywell Flour Plc topped the gainers’ table with 7.89 per cent to close at N1.23 per share, while May & Baker Plc followed with 4.76 per cent to close at 88 kobo per share.

Learn Africa Plc gained 3.95 per cent to close at 79 kobo per share. On the flip side, Ashaka Cement Plc led the losers’ chart with a drop of 9.71 per cent to close at N11.07 per share.

Nascon Plc and UPL Plc trailed with a loss of 4.88 per cent each to close at N7.61 and N4.09 per share respectively while UAC Property Plc dropped by 4.76 per cent to close at N2.80 per share.

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