NSE: Crucial indices decline further by 0.30%

The crucial indices of the Nigerian Stock Exchange (NSE) downgraded further on Wednesday, dropping by 0.30 per cent due to political tension.

The market capitalisation shed N39 billion or 0.30 per cent to close at N13.166 trillion against N13.205 trillion on Tuesday.

Similarly, the All-Share Index which opened at 36,455.24 dipped by 108.44 points or 0.30 per cent to close at 36,346.80, amid price losses.

Forte Oil recorded the highest loss to lead the laggards’ table, dropping by N2.10 to close at N23.10 per share.

Lafarge Africa came second with a loss of N1.75 to close at N27.50, while Dangote Sugar Refinery dropped N1.50 to close at N15.50 per share.

Flour Mills lost N1 to close at N28.70, while Nigerian Breweries also declined by N1 to close at N104.50 per share.

Conversely, Betaglass led the gainers’ table, increasing by N5.10 to close at N78 per share.

Unilever followed with a gain of 45k to close at N52.55, while Cutix gained 36k to close at N3.99 per share.

United Bank for Africa appreciated by 35k to close at N9.50, while Cement company Of Northern Nigeria chalked up 20k to close at N26.20 per share.

It was also reported that the volume of shares traded closed lower as investors bought and sold 329.89 million shares worth N3.65 billion in 4,327 deals, a decrease of 12.89 per cent.

This was against the 378.69 million shares valued at N4.42 billion exchanged in 4,551 deals on Tuesday.

FBN Holdings was the most active stock during the day, trading 88.10 million shares worth N820.04 million.

United Bank for Africa followed with an account of 51.69 million shares valued at N482.02 million, while Access Bank traded 39.22 million shares worth N394.17 million.

Zenith International Bank sold 20.39 million shares valued at N473.29 million, while Diamond Bank exchanged 17.96 million shares worth N22.83 million.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., told our reporter that tension in the political arena was affecting investors’ confidence.

Omordion said the development was not good for the market and the economy in general, and that the government needed to douse the tension.