NSE: Trading resumes for Q2 with 1.56% loss

Activities resumed on the Nigerian Stock Exchange (NSE) on Tuesday for the second quarter after the Easter holidays with a loss of 1.56 per cent.

Our correspondent reports that the market capitalisation lost N234 billion or 1.56 per cent in a day to close at N14.758 trillion compared to N14.992 trillion achieved on Thursday.

Also, the All-Share Index which opened at 41,504.51 shed 648.87 points or 1.56 per cent to close at 40,855.64 posted on Thursday.

Market analysts attributed the development to profit taking embarked by some investors as they await the outcome of the ongoing Monetary Policy Committee (MPC) meeting.

It was reported that major blue chips posted price depreciation and this was led by Dangote Cement having dropped N9 to close at N251 per share.

Lafarge Africa trailed with a loss of N1.85 to close at N43.45, while Guaranty Trust Bank declined by N1.30 to close at N43.40 per share.

Forte Oil depreciated by N1.20 to close at N40.80, while Nigerian Breweries was down by N1.10 to close at N28.90 per share.

On the other hand, GlaxosmithKline led the gainers’ table during the day, increasing by 85k to close at N34.85 per share.

Ecobank Transnational Incorporated followed with a gain of 65k to close at N17, while NASCON added 50k to close at N21.50 per share.

Zenith International Bank also appreciated by 50k to close at N29.80, while Caverton added 24k to close at N2.91 per share.

In spite of the drop in market indices, the volume of shares traded and value improved by 34.16 per cent and 68.55 per cent respectively.

Consequently, investors bought and sold 365.72 million shares valued at N6.27 billion exchanged in 4,173 deals.

This was in contrast with 272.61 million shares worth N3.72 billion traded in 4,368 deals on Thursday.

Zenith International Bank was the most active stock, trading 88.19 million shares valued at N2.64 million.

Transcorp followed with an account of 60.01 million shares worth N101.06 million, while Sterling Bank traded 40.49 million shares valued at N70.44 million.

Lasaco Insurance traded 21.03 million shares worth N7.15 million, ETI exchanged 19.96 million shares valued at N339.36 million.