By Michael Eboh
The bearish trend on the Nigerian Stock Exchange (NSE) continued, Wednesday, as losses on the share prices of blue chip companies in the Petroleum (Marketing) and Insurance sub-sectors dragged down the performance indicators â€” the market capitalisation and All-share index by 0.29 per cent each.
In particular, the capitalisation which opened at N5.016 trillion dipped by N14.32 billion to close at N5.001 trillion, while the index shed 60.71 basis points to close at 21,202.59 points from 21,263.30 points at which it opened.
The NSE 30 index, made up of key blue chip companies, dipped by 0.12 per cent to close at 818.66 points, the NSE Insurance Index depreciated by 1.32 per cent to close at 289.17 points, while the NSE Oil and Gas Index dropped by 0.76 per cent to close at 300.05 points from 302.35 points at which it opened.
However, the NSE Banking Index rose by 0.31 per cent to close at 338.51 points while the NSE Food and Beverage Index appreciated by 0.36 per cent to close at 490.18 points from 488.42 points at which it opened.
Flour Mills Nigeria Plc recorded the most share price loss, dropping by N1.87 to close at N35.65 per share, African Petroleum Plc followed with a loss of N1.69 to close at N32.36 per share and Julius Berger Nigeria Plc dipped by N1.34 to close at N25.57 per share.
Other share price losers include: Ecobank Nigeria Plc N0.92, Nigerian Breweries Plc N0.50, Nigerian Ropes Plc N0.50, Ecobank Transnational Incorporated N0.40, UAC Property Development Company Plc N0.40, Union Bank Nigeria Plc N0.32, Presco Plc N0.27 among others.
On the other hand, Unilever Nigeria Plc recorded the most share price gain, rising by N0.83 to close at N17.44 per share, GTBank Plc followed with a gain of N0.65 to close at N15.90 per share and Lafarge Cement WAPCO Plc garnered N0.55 to close at N30.00 per share.
Other share price gainers include: Dangote Sugar Refinery Plc N0.50, Benue Cement Company Plc N0.47, Nigerian Aviation Handling Company Plc N0.13, Zenith Bank Plc N0.11, University Press Plc N0.10, Access Bank Plc N0.10, Ashaka Cement Plc N0.10 among others.
Equity trading appreciated by 103.3 per cent as a turnover of 688.75 million shares valued at N3.25 billion was recorded in 5,779 deals, in contrast to the previous dayâ€™s turnover of 338.8 million shares valued at N3.06 billion in 5,675 deals.
The Banking sub-sector, driven by transactions in the shares of Oceanic Bank International Plc, dominated the other sub-sectors, accounting for 84.6 per cent of the market turnover, with 582.69 million shares valued at N2.30 billion in 3,187 deals. Oceanic Bank accounted for 57.24 per cent of the total market turnover, with the trading of 394.21 million shares valued at N816.01 million in 96 deals, First City Monument Bank Plc followed with the exchange of 36.1 million shares valued at N210.73 million in 84 deals and Diamond Bank Plc recorded 29.25 million shares valued at N203.25 million 118 deals.