Nigerian Stock Exchange Shaves off N32bn

Forex Market
  • Nigerian Stock Exchange Shaves off N32bn

The equities market closed yesterday on a negative note, commencing the weekly trading activities on the downswing after the market closed last Friday on a positive note.

The market performance indices, NSE ASI depreciated by 0.30 per cent each.

At the close of business, there were 13 gainers as against 23 losers.

The downswing according to market watchers was due to sustainable sell offs by investors.

Consequently, the All-Share Index dropped by 100 basis points or 0.30 per cent from 32,540.17 index points last Friday to 32,440.17, while the market capitalisation of equities depreciated by N32 billion to close at N11.847 trillion from N11.879 trillion.

Further analysis of the day’s trading showed that Niger Insurance Plc topped the day’s gainers’ table with 9.68 per cent to close at 34 kobo per share while Lasaco Insurance Plc followed with 6.45 per cent to close at 33 kobo per share. Unilever Nigeria Plc added 4.65 per cent to close at N45.00 per share.

On the flip side, Livestock Feeds Plc led the losers’ chart with a drop of 9.52 per cent to close at 57 kobo per share. UBN Plc shed 9.48 per cent to close at N5.25 per share. Law Union and Rock Insurance Plc trailed with 9.09 per cent to close at 60 kobo per share.

On the activity chart, banking sub-sector of the financial services segment dominated in volume terms with 97.8 million shares exchanged in 488 deals. The sub sector was enhanced by the activities in the shares of GTB Plc and Fidelity Bank Plc.

Premium sub-sector boosted by the activities on the shares of UBA Plc and Zenith Bank Plc followed with 32.2 million units traded in 916 deals.

In all, investors exchanged a total of 190.5 million shares exchanged in 2,942 deals.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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