Stock market sustains downtrend with N140b loss
Transactions on the floor of the Nigerian Stock Exchange (NSE), witnessed another round of fall in share prices, as the bears sustained their hold on the local bourse, causing market capitalisation to slide further by N140billion.
Specifically, at the close of trading yesterday, market capitalisation of listed equities declined by 1.15 per cent to N12.048trillion from N12.188 reported the previous day.
Also the NSE All- Share Index depreciated by 407.46 basis points to 34951.27 from 35358.73 traded on Monday. The result showed that investors traded 500.299 million shares worth N3.620billion in 3120 deals against 107.148 million shares exchanged hands in 2848 deals.
A breakdown of trading activities for the day showed that Nestle Nigeria Plc topped the losers’ chart, dropping N19.70 kobo to close at N120.50 kobo, Dangote Cement trailed with a loss of N7.00 to close at N206.00.
International Breweries dropped N1.87 kobo to close at N35.68 kobo, Nigerian Breweries depreciated by N1.00 to close at N167.00, Dangote Sugar Refinery Nigeria Plc also fell by N0.10 kobo to close at N13.70 kobo.
Champion Breweries lost 0.09 kobo to close at N2.21 per share. Continental Reinsurance shed 0.07 kobo to close at N1.50 per share.Fidson, Dangote Flourmills, United Bank for Africa, and Access Bank each depreciated by 0.05 kobo to close at N3.10, N6.30, N8.65 and N9.55 per share respectively. Law Union & Rock shed 0.04 kobo to close at N0.93 per share.
On the other hand, Presco Plc recorded the highest gain, increasing by N1.94 kobo to close at N59.00, Nascon followed with a gain of N0.60 kobo to close N13.10 kobo, Oando Plc also appreciated by N0.19 kobo to close at N5.99 kobo.
Unilever Nigeria Plc gained N0.19 kobo to close at N44.29 kobo, while Zenith International Bank advanced by N0.11 kobo to close at N22.12 kobo.Guaranty Trust Bank added 0.10 kobo to close at N39.60 per share. Mansard and Honeywell Flourmills gained 0.09 kobo to close at N2.00 and N2.04 per share respectively.C&I Leasing appreciated by 0.06 kobo to close at N1.39 per share. Neimeth also garnered 00.3 kobo to close at N0.65 per share.
Further analysis indicated that Continental Reinsurance recorded the highest volume of activities during the day, transacting 190.511 million shares worth N333.274million, Sterling Bank followed with 83.318 million shares valued at N80.830million.
Access Bank traded 50.988 million shares cost N491.951million, Mansard Insurance exchanged 30.113 million shares worth N60.222million, while Transnational Corporation of Nigeria (Transcorp) sold 18.892 million shares valued at N24.031million.
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