BY PROVIDENCE OBUH
Activities on the Nigerian Stock Exchange (NSE) continued Wednesday, on a bearish note, upon resumption from Tuesday’s Muslim public holiday as equities value represented by the market capitalisation dropped by N41.49 billion.

Specifically, the capitalisation dipped by 0.49 per cent to close at N8.459 trillion from N8.501 trillion at which it opened. Another key performance indices, the All share index declined by 0.49 per cent or 129.83 bases points to close at 26,468.58 points from 26,598.41 points.

Analyst has said that the slight buying witnessed on the bourse could not salvage the market outlook as sell tendency outweighed bargain position considerably by 38 per cent to 12 per cent while all NSE sectoral indices closed with negative figures.

However, NSE 30 which measures the performance of blue chips in the market dropped by 0.56 per cent, NSE Insurance dropped the highest points by 2.37 per cent, NSE Banking dropped by 0.70 per cent and NSE Oil and Gas moved down by -0.46 per cent while NSE Food and Beverages dropped the lowest points by 0.30 per cent.

Equity trading appreciated by 51.61 per cent as a turnover of 427.06 million shares valued at N3.29 billion was recorded in 6,789 deals, in contrast to the previous day’s turnover of 281.68 million shares valued at N1.93 billion in 4,991.

The Banking sub-sector was the most active on the sectorial analysis accounting for 36.93 per cent of the market turnover with 157.70 million shares valued at N1.42 billion in 3,544 deals. Zenith Bank Plc recorded the most activity in the sub-sector trading 36.46 million shares valued at N565.33 million in 426 deals, First Bank of Nigeria Plc followed with the exchange of 19.13 million shares valued at N295.40 million in 779 deals and Sterling Bank Plc recorded 15.39 million shares valued at N36.85 million in 126 deals.

The Insurance sub-sector followed on the sectorial analysis accounting for 30.64 per cent of the market turnover with 130.85 million shares valued at N374.38 million in 428 deals. Custodian and Allied Insurance Plc boosted activity in the sub-sector trading 103.36 million shares valued at N348.13 million in 17 deals, Continental Reinsurance Plc followed with the exchange of 10.80 million shares valued at N12.20 million. in 21 deals.

AIICO Insurance Plc recorded 6.72 million shares valued at N6.89 million in 273 deals. Unilever Nigeria Plc recorded the highest share price loss on the losers table dropping by N1.50 to close at N28.50 per share, May and Baker Nigeria Plc followed with a loss of N0.28 to close at N5.33 per share and Conoil Plc dipped by N2.00 to close at N38.14 per share.

Niger Insurance Plc recorded the highest per cent gain on the gainers table with a gain of N0.04 to close at N0.86 per share, RT Briscoe Plc followed with a gain of N0.14 to close at N3.03 per share and Sterling Bank Plc garnered N0.11 to close at N2.41 per share.