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Equity trading remains bearish as highly capitalised stocks push Index lower

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By Peter Egwuatu

The sell-offs in some highly capitalised stocks on Tuesday contributed significantly to drag the Nigerian Stock Exchange, NSE All Share Index, ASI by 0.5 percent or 112.69 points lower for the fifth consecutive trading session.

Nigerian Stock Exchange
Nigerian Stock Exchange NSE

Specifically, the Index settled at 33,449.17 points from 33,611.69 points it closed on Monday with the Year to Date, YtD loss increasing to -12.5 percent while N59.3billion was wiped off market capitalisation which fell to N12.2trillion.

An analysis of the price movement chart shows that 30 stocks recorded price depreciation, while 14 stocks appreciated. Nigerian Breweries led the losers’ table with a loss of N4.5 to close at N88 per share. GTBank trailed with a loss of N2.00 per share to close at N32.50 per share , while Dangote Sugar decreased by N1.6o to close at N14.4 per share.

Forte Oil was down by 95kobo to close at N18.10 per share, while UACN dipped by 8kobo to close at N210.2 per share.

On the other hand, Nestle recorded the highest gain, leading the gainers’ table with N130 to close at N1, 485 per share. Dangote Flour followed with a gain of 55kobo per share to close at N8.40 per share, while Access Bank appreciated by one kobo to close at N9.00 per share.

Learn Africa added 9 kobo to close at N1.10 per share while Neimeth increased by 60 kobo to close at 72kobo per share. GTBank emerged the most active stock, trading 17.47 million shares worth N562.78 million.  United Bank for Africa followed recording 15.63 million shares valued at N117.42 million, while Diamond Bank traded 13.83 million shares worth N18.61 million. Access Bank exchanged 1.88 million shares valued at N103.26 million, while Zenith International Bank recorded 11.68 million shares worth N236.05 million.

Activity level however strengthened as volume and value traded advanced 9.5 percent and 17.7 percent to 150.7million units and N1.6billion respectively.

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