Bears on rampage as stock market sheds N36bn

Transactions on the floor of the Nigerian Stock Exchange (NSE) yesterday closed in a negative trend as market capitalisation depreciated by N36 billion. The value of equities declined by 0.27% to N13.067 trillion from N13.103 trillion recorded on Wednesday.

Similarly, the NSE All Share Index went down by 112 basis points to 40766.16 points from 40878. 71 points traded the previous day. Investors exchanged 261.840 million shares worth N2.707 billion traded in 4700 deals against 251.068 million shares valued at N7.284 billion made in 5200 deals.
Financial Service sector traded the highest volume of activities, exchanging 185.008 million shares worth N1.126 billion in 2265 deals. Banking sub sector was the most active in the sector with account of 78.209 million shares valued at N960.779 million exchange hands in 1324 deals.

Access Bank boosted activity in banking sector having accounted for 17.821 million shares cost N162.751 million in 167 deals. Consumer goods sector followed the in the activity chart, trading 25.771 million shares valued at N750.709 million in 706 deals.
Conglomerates sector enhanced by Transnational Corporation of Nigeria took third position, recording 21.118 shares valued at N305.424 million.

Further breakdown of the investment showed that Guinness Nigeria led the gainers table, growing by N0.40 kobo to close at N219.40 kobo, Cement Company of Northern Nigeria (CCNN) followed with a gain of N0.32 kobo to close at N10.72 kobo while Ashaka Cement, Neimeth International Pharmacuetical and Ecobank Transnational Incorporated (ETI) followed with a gain of N0.28 kobo, N0.20 kobo and N0.15 kobo respectively to close at N19.48 kobo, N2.27 kobo and N14.80 kobo.

Nestle Nigeria recorded the highest loss for the day, depreciating by N10.00 to close at N1140.00, Mobil came second with a loss of N1.80 kobo to close at N122.00, while UACN loss N1.00 to close at N67.00. Other stocks that depreciated in price were Larfarge Wapco and Stanbic IBTC which declined by N0.90 kobo and N0.50 kobo respectively to close at N108.00 and N20.00.

By Amaka Ifeakandu

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