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Bears drag NSE index down 0.3%

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By Peter Egwuatu

The negative performance of the Nigerian Stock Exchange, NSE on Monday  dragged the NSE All Share Index (ASI) by 0.3% to close at 37,266.86 points while  Year to Date, YtD loss worsened to 2.6%.

Nigerian Stock Exchange
Nigerian Stock Exchange NSE

The depreciation recorded in the share prices of some highly capitalised companies such as GT Bank, Zenith Bank, Access Bank, UBA, Oando and Forte Oil were mainly responsible for the loss recorded in the Index.

Similarly, the market capitalisation depreciated by 0.34 percent as investors lost N45.6 billion to close at N13.50trillion, compared with the appreciation of 0.45% recorded last Friday.

The sell offs witnessed in Oando Plc were largely driven by the alleged fine of US$680.0million levied on management of the company.

However, activity level was mixed as volume traded rose 43.0 percent to 303.5million units while value traded decreased 37.0 percent to N2.0billion. The most traded stocks by volume were Med-View Airline (100.0million), First Bank Nigeria Holding (42.9 million) and Transnational Corporation of Nigeria (40.6million) while First Bank Nigeria Holding (N445.8million), Zenith Bank (N398.5million) and Med-View Airline (N198.4million) were the top traded stocks by value.

A review of price gainers showed that Flour Mills Nigeria Plc led the gainers’ table during the day, gaining 90kobo to close at N29.90 per share.UACN followed with a gain of 70kobo to close at N14.00, while NAHCO gained 37kobo to close at N4.08 per share. Ecobank Transnational increased by 35kobo to close at N20.75 per share, while Trancorp added 3kobo to close at N1.26 per share.

Conversely, CAP recorded the highest loss to lead the laggards’ table, shedding N2.50 to close at N34.50 per share.

Forte Oil and PZ Industries trailed with a loss of N1.90 each to close at N27 and N17.10 per share, respectively.

UPDC REIT lost N.00 to close at N9.00, while Custodian and Allied Insurance declined by 61kobo to close at N5.51 per share.

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