NSE: Expert says exit of foreign investors takes toll on trading
The All-Share Index of the Nigerian Stock Exchange (NSE) on Tuesday depreciated further by 0.26 per cent following the exit of some foreign investors and profit taking.
The News Agency of Nigeria (NAN) reports that the index which opened at 27,385.69 lost 71.69 points or 0.26 per cent to close at 27,314.00.
Similarly, the market capitalisation dropped further by N24 billion to close at N9.391 trillion compared with N9.415 trillion achieved on Monday.
Malam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., attributed the persistent downward trend to the exit of some foreign investors.
Kurfi said that this was due to pressure on the nation’s currency at the foreign exchange market.
He said that foreign investors who were supposed to play the market had developed ‘wait and see’ attitude due to developments at the foreign exchange market.
The managing director said that many things were working against the market, noting that there was no activity at the nation’s economy.
However, at the trading, Nigerian Breweries led the losers’ chart with a loss of N2.09 to close at N117.97 per share.
Con Oil came second having lost N1.37 to close at N26.04, while 7UP dipped N1 to close at N183 per share.
PZ trailed with 59k to close at N24.87, while Flour Mill shed 40k to close at N19.60 per share.
On the other hand, Unilever recorded the highest price growth to lead the gainers’ chart, appreciating by N1.84 to close at N39.90 per share.
UACN improved by N1.14 to close at N26.95, while ETI chalked up 33k to close at N15.68 per share.
Guinness rose by 30k to close at N121.30, while Zenith Bank grew by 10k to close at N15.70 per share.
NAN reports that financial services sector remained the toast of investors’ with FBN Holdings emerging the most sought equity with 46.01 million shares valued N226.63 million.
GT Bank followed with an exchange of 20.48 million shares worth N410.03 million, while UBA accounted for 11.04 million shares valued N41.41 million.
Also, FCMB Group sold 10.43 million shares worth N20.44 million, while Access Bank traded 8.59 million shares valued N42.24 million.
In all, a total of 153.33 million shares worth N1.56 billion were transacted by investors in 2,699 deals.
This was against 319.78 million shares valued N3.01 billion traded in 3,098 deals on Monday.
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