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Stock market indices sustain sliding profile, lose N139b


Nigeria Stock Exchange, Lagos

The bears, yesterday tightened its hold on the equity sector of the Nigerian Stock Exchange (NSE), as price losses continued to outweigh gains, resulting to a further slide in market capitalisation by N139billion.

Yesterday, market capitalisation of listed equities depreciated by N139billion or 0.9 per cent from N15.476trillion recorded on Friday to N15.337trillion.
Also, the all-share index, which measures the performance of listed firms, dropped by 390.03 points from 43,127.92 to 42,737.89.

Analysts attributed the drop in indices to profit taking and sell-offs occasioned by panic in developed markets that were extended to other markets of the world.

Specifically, the Chief Research Officer of InvestData Consulting, Ambrose Omodion, said: “As we enter the middle of February, expect volatility and repositioning to continue while profit taking subsides, as early fillers of December accounts start rolling in, just as the January inflation data.

“However, we would like to reiterate that investors should not panic but go for equities with intrinsic value, especially during this season when dividend payment is approaching.”

Dangote Cement topped the gainers’ chart with 5.30 kobo to close at N272.00 per share, while Beta Glass followed with 3.25 kobo to close at N68.70 per share. PZ Cussons added 1.40 kobo to close at N25.40 per share.

International Breweries appreciated by 1.00 kobo to close at N60.00 per share. GlaxoSmithKline increased by 1.00 kobo to close at N21.20 per share.

However, Nigerian Breweries emerged the day’s highest price loser with 3.90 kobo to close at N133.30 per share, while Guaranty Trust Bank followed with 2.40 kobo to close at N45.60 per share.

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