NSE index drops 0.29% as bearish trading persists

Equity transactions on the Nigerian Stock Exchange closed on a negative note yesterday as the All-Share Index depreciated 0.29 per cent, at 83.98 points loss to close at 29,052.87 points against 40.87 points lost on Tuesday to close at 29,136.85 points.

The Market Capitalization dropped N28.9 billion to close at N9.984 trillion against N14.05 billion lost yesterday to close at N10.013 trillion.

Price movement on the Equity board showed that Learn Africa Plc led 14 gainers with a 9.23 per cent or 6 kobo gain to close at 71 kobo per share, followed by Oando Plc which added 8.68 per cent or 52 kobo to close at N6.51 per share, while Guinness Plc increased 4.99 per cent or N6.18 to close at N129.93 per share.

Oando Plc is recording its first gain since the release of its half year result that contained huge losses.

NAHCO Plc appreciated 4.94 per cent or 20 kobo to close at N4.25 per share, while Portland Paints Manufacturing Plc grew 4.75 per cent or 20 kobo to close at N4.25 per share.

Conversely, Ikeja Hotel Plc led 28 equity losers with a loss of 4.99 per cent or 17 kobo to close at N3.24 per share, followed by Unilever Plc which lost 4.98 per cent or N1.83 to close at N34.92 per share, while Cadbury Plc dropped 4.96 per cent or N1.00 to close at N19.15 per share.

Berger Paints Plc lost 4.95 per cent or 50 kobo to close at N9.60 per share while Dangote Sugar Plc dropped 4.91 per cent or 34 kobo to close at N6.58 per share.

In all, a total of 181.59 million shares valued at N2.55 billion were exchanged by in 3,073 deals.