NSE: Trading maintains bearish trend

NSE: Market volume drops by 54.03%
United Bank for Africa

The bears continued to dominate trading on the Nigerian Stock Exchange (NSE) with the All-Share Index declining further by 112.69 points.

Our correspondent reports that the index shed 112.69 points or 0.34 per cent on Tuesday to close lower at 33,499.00 against 33,611.69 on Monday.

Also, the market capitalisation shed N59 billion or 0.48 per cent to close at N12.211 trillion in contrast with N12.270 trillion achieved on Monday.

An analysis of the price movement chart shows that 30 stocks recorded price depreciation, while 14 stocks appreciated.

Nigerian Breweries led the losers’ table with a loss of N4.5 to close at N88 per share.

GTBank trailed with a loss of N2 to close at N32.5, while Dangote Sugar decreased by N1.6 to close at N14.4 per share.

Forte Oil was down by 95k to close at N18.1, while UACN dipped by 8k to close at N210.2 per share.

On the other hand, Nestle recorded the highest gain, leading the gainers’ table with N130 to close at N1, 485 per share.

DangoteFlour followed with a gain of 55k to close at N8.4, while Access Bank appreciated by 1k to close at N9 per share.

Learn Afrca added 9k to close at N1.1 while Neimeth increased by 6k to close at 72k per share.

GTBank emerged the most active stock, trading 17.47 million shares worth N562.78 million.

United Bank for Africa followed with an account of 15.63 million shares valued at N117.42 million, while Diamond Bank traded 13.83 million shares worth N18.61 million.

Access Bank exchanged 1.88 million shares valued at N103.26 million, while Zenith international Bank sold 11.68 million shares worth N236.05 million.

In all, investors bought and sold 150.67 million shares valued at 1.59 billion in 3,678 deals, representing an increase of 9.48 per cent.

This was in contrast with a total of 137.625 million shares worth N1.36 billion achieved in 3,104 deals on Monday.

The market has maintained the downward trend for two consecutive weeks.

Mr Fakrogha Charles, Chief Relationship Officer, Foresight Securities & Investment Ltd., attributed the downward trend to the economic and political uncertainty in the country.

Charles, also a market operator, said the downward trend would persist until after the primaries of the political parties.