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Bears return, deflate share value by N78bn

By Michael Eboh

The bullish run in the Nigerian Stock Exchange (NSE) was halted, Tuesday, as the value of listed equities dipped by N77.85 billion.

In particular, the market capitalisation which opened at N5.086 trillion depreciated by 1.53 per cent to close at N5.008 trillion, while the All-share index dipped by 327.24 basis points to close at 21,054.59 points from 21,381.83 points.

All the major market indicators recorded significant decline, except for the NSE Food and Beverage index which appreciated by 0.26 per cent and the NSE Oil and gas index which closed flat at 21,054.59 points.

The NSE 30 index shed 1.23 per cent to close at 826.69 points, NSE Banking index depreciated by 3.18 to close at 342.64 points while the NSE Insurance index dipped by 0.76 per cent to close at 245.21 points.

First Bank of Nigeria Plc recorded the most share price loss, dropping by N0.75 to close at N14.25 per share, Cement Company of Northern Nigeria Plc followed with a loss of N0.67 to close at N12.78 per share and Ecobank
Nigeria Plc dipped by N0.65 to close at N12.37 per share.

Other share price losers include: UAC Property Development Company Plc N0.64, Zenith Bank Plc N0.60, United Bank for Africa Plc N0.59, Nigerian Breweries Plc N0.50, UAC Nigeria Plc N0.43, Incar Plc N0.39, Skye Bank Plc N0.33 among others.

On the contrary, PZ Cussons Nigeria Plc recorded the most share price gain, rising by N0.50 to close at N25.00 per share, Dangote Flour Mills Plc followed with a gain of N0.37 to close at N7.77 per share and Vitafoam Plc garnered N0.24 to close at N5.17 per share.

Other share price gainers include: University Press Plc N0.21, International Breweries Plc N0.09, Fidelity Bank Plc N0.08, Stanbic IBTC Bank Plc N0.08, Nigerian Aviation Handling Company Plc N0.08, Japaul Oil and Maritime Services Plc N0.04, Union Homes Savings and Loans Plc N0.04 among others.

Equity trading appreciated by 56.4 per cent, as a turnover of 437.81 million shares valued at N2.98 billion was recorded in 6,061 deals, in contrast to the previous day’s turnover of 279.94 million shares valued at N2.06 billion was recorded in 6,456 deals.

The Banking sub-sector emerged the most active, accounting for 37.96 per cent of the market turnover, with 166.21 million shares valued at N1.48 billion in 3,465 deals.

Fidelity Bank Plc recorded the highest patronage in the sub-sector, trading 27.95 million shares valued at N74.26 million in 233 deals, followed by United Bank for Africa Plc with the exchange of 27.13 million shares valued at N311.8 million in 315 deals and First Bank of Nigeria Plc recorded 24.73 million shares valued at N361.26 million in 897 deals.

The Insurance sub-sector followed on the sectorial analysis, 35.58 per cent of the market turnover, with 155.6 million shares valued at N77.8 million in 14 deals. Multiverse Resources Plc solely accounted for majority of the transactions in the sub-sector, trading 155.6 million shares valued at 77.8 million in 14 deals.


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