By Michael Eboh
The bearish trend on theÂ Â Nigerian Stock Exchange (NSE) continued, Tuesday, as the major market indices, the All-share index and market capitalisation both dropped by 0.79 per cent each.
The decline in the performance indices was as a result of losses on the share prices of blue chip companies, occasioned by the forthcoming holidays, with investors trading off their shares for funds with which to celebrate the festivities.
The capitalisation which opened at N4.935 trillion dropped by N39.06 billion to close at N4.896 trillion while the index shed 163.06 basis points to close at 20,438.93 points, from 20,601.99 points.
Guinness Nigeria Plc recorded the most share price loss, dropping by N2.45 to close at N127.50 per share, Nigerian Breweries Plc followed with a loss of N2.03 to close at N50 per share and Flour Mills Nigeria Plc dipped by N1.80 to close at N36.20 per share.
Other share price losers include: Lafarge Cement WAPCO Plc N1.45, Julius Berger Nigeria Plc N1.09, Cement Company of Northern Nigeria Plc N0.56, Nestle Nigeria Plc N0.50, UAC Nigeria Plc N0.50, United Bank for Africa Plc N0.38, Zenith Bank Plc N0.34 among others.
Conversely, Chevron Nigeria Plc recorded the most share price gain, rising by N3.32 to close at N69.79 per share, GTBank Plc followed with a gain of N0.61 to close at N15.65 per share and Nigerian Aviation Handling Company Plc garnered N0.33 to close at N6.99 per share.
Other share price gainers include: Presco Plc N0.26, Ashaka Cement Plc N0.20, Prestige Assurance Plc N0.20, Costain (West Africa) Plc N0.18, C&I Leasing Plc N0.12, Afribank Nigeria Plc N0.10, Guaranty Trust Assurance Plc N0.10 among others.
Equities trading appreciated by 119.91 percent, as a turnover of 514.6 million shares valued at N4.640 billion was recorded in 5,714 deals in contrast to the previous dayâ€™s turnover of 233.9 million shares valued at N1.21 billion in 5,215 deals.
The Banking sub-sector recorded the highest patronage in the sectorial analysis, accounting for 57.99 per cent of the market turnover, with 298.38 million shares valued at N2.57 billion in 2,735 deals. United Bank for Africa Plc emerged the most active in the sub-sector, trading 81.95 million shares valued at N876.63 million in 189 deals, GTBank Plc followed with the exchange of 44.08 million shares valued at N664.44 million in 346 deals and Diamond Bank Plc recorded 33.88 million shares valued at N242.97 million in 80 deals.
The Insurance sub-sector, followed on the sectorial analysis, accounting for 25.47 per cent of the market turnover, 131.05 million shares valued at N187.73 million in 487 deals. Continental Reinsurance Plc recorded the highest patronage in the sub-sector, trading 77.42 million shares valued at N97.17 million in 20 deals, followed by Guaranty Trust Assurance Plc with the exchange of 35.41 million shares valued at N74.36 million in 14 deals and AIICO Insurance Plc recorded 6.54 million shares valued at N5.44 million in 208 deals.