Stock market turns bearish

…as ETI, Law Union lead losers

The Nigerian Stock Exchange (NSE) yesterday saw resumed profit taking after it recorded gain the previous day.

The overall performance measures, NSE ASI and market capitalisation, fell by 0.31 per cent. This was due to profit taking by bargain hunters in the wake of cautious optimism that had pervaded the market following upset in the financial sector.

Consequently, the All-Share Index shed 78.45 basis points or 0.31 per cent to close at 25,406.72 index points as against 25,485.17 recorded the previous day while market capitalisation of equities depreciated by N27 billion or 0.31 per cent to close lower. Meanwhile, a turnover of 916.3 million shares in 3,342 deals was recorded in the day’s trading.

The insurance sub-sector of the financial services segment was the most active (measured by turnover volume) with 732.7 million shares exchanged by investors in 129 deals.

Volume in the sub-sector was largely driven by activities in the shares of Niger Insurance Plc and Nem Insurance Plc. Also, other banking services sub-sector boosted by the activities in the shares of Access Plc and UBA Plc followed with a turnover of 86.6 million shares in 1,043 deals.

The number of gainers at the close of trading session was 22 while decliners closed at 14. Further analysis of the day’s trading showed that Seplat Plc topped the gainers’ table with 10.25 per cent to close at N396.10 per share while Custodian and Allied Plc and International Breweries Plc followed with five per cent each to close at N3.36 and N15.75 per share respectively.

Fidelity Bank Plc added 3.90 per cent to close at 80 kobo per share.

On the flip side, ETI Plc and Law Union and Insurance Plc led the losers’ chart with a drop of five per cent each to close at N8.55 and 76 kobo per share respectively. Total Nigeria Plc followed with a loss of 4.73 per cent to close at N260.00 per share while Livestock Feeds Plc was down by 4.41 per cent to close at 65 kobo per share

Related posts

Leave a Reply