NSE: All-Share Index drops further by 0.04%

Transactions on the Nigerian Stock Exchange (NSE) maintained a downward trend on Tuesday, with the All-Share Index declining by 0.04 per cent.

Our correspondent reports that the index shed 17.02 points or 0.04 per cent to close at 41,155.80 compared to 41,172.82 recorded on Monday due to profit taking.

Also, the market capitalisation closed lower, dropping by N7 billion or 0.05 per cent to close at N14.907 trillion.

Forte Oil posted the highest price loss to lead the losers’ table, dropping by N2.15 to close at N40.85 per share.

Nigerian Breweries trailed with a loss of one naira to close at N127, while Dangote Cement also lost one naira to close at N247 per share.

NASCON decreased by 90k to close at N20.50, while Guinness depreciated by 50k to close at N103.50 per share.

Conversely, Mobil Oil led the gainers’ table, gaining N7.60 to close at N188 per share.

Presco followed with a gain of N2 to close at N72, while Cement Company of Northern Nigeria gained N1.10 to close at N23.45 per share.

Julius Berger added 95k to close at N29, while Guaranty Trust Bank advanced by 60k to close at N45.66 per share.

In spite of the drop in market indicators, the volume of shares traded rose by 154.58 per cent, while the value increased by 124.51 per cent.

Consequently, investors bought and sold 563.62 million shares valued at N5.77 per cent achieved in 4,217 deals.

This was in contrast to a turnover of 221.39 million shares worth N2.57 billion achieved in 5,629 deals on Monday.

FCMB Group recorded the highest volume of activities for the day, trading 297.52 million shares worth N745.22 million.

Guaranty Trust Bank followed with an account of 59.48 million shares valued at N2.71 billion, while Zenith International Bank traded 32.54 million shares worth N893.48 million.

Sovereign Trust Insurance sold 18.68 million shares valued at N4.09 million, while Fidelity Bank traded 17.89 million shares worth N44.48 million.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd, attributed the persistent slide in market indicators to cautious trading by traders and investors due to politics being a pre-election year.

Omordion said traders and investors were factoring in political risk in their investment decision.

He, however, anticipated positive performance on continued volatility and profit taking as investors reshuffle their portfolios.

Omordion said investors would reshuffle their portfolios to companies with stronger first quarter results ahead of the April inflation data.

“We would like to reiterate that investors should go for equities with intrinsic value, especially during this season when dividend payment is ongoing and Q1 results are expected in the market arena,’’ he said.