Bearish trend persists on NSE, indices drop further by 0.31%

Activities on the nation’s bourse sustained negative trend on Friday with crucial market indicators dropping further by 0.31 per cent.

Specifically, the market capitalisation shed N42 billion or 0.31 per cent to close at N13.402 trillion compared with N13.444 trillion achieved on Thursday.

Also, the All-Share Index which opened at 30,527.01 lost 94.88 points or 0.31 per cent to close at 30,432.13, amid profit taking.

An analysis of the price movement shows that Total topped the losers’ chart, shedding N12 to close at N150 per share.

Nestle trailed with a loss of N10 to close at N1,450, while Mobil lost N5 to close at N170 per share.

PZ Cusson dipped 80k to close at N7.35, while Dangote Sugar declined by 50k to close at N11.50 per share.

On the other hand, Cutix led the gainers’ table, increasing by 10k to close at N1.60 per share.

NPF Microfinance Bank followed with a gain of 9k to close at N1.44, while United Capital Plc appreciated by 5k to close at N2.20 per share.

Sterling Bank also added 5k to close at N2.45, while Custodian Custodian and Allied rose by 5k to close at N6.05 per share.

The United Bank for Africa was the most active stock during day, accounting for 91.68 million shares worth N565.89 million.

Zenith Bank followed with an account of 30.38 million shares valued at N614.36 million, while Guaranty Trust Bank traded 29.75 million shares worth N907.78 million.

Royal Exchange Assurance sold a total of 23.89 million shares valued at N5.26 million, while Sterling Bank exchanged 12.71 million shares worth N30.50 million.

In all, investors traded 305.56 billion shares valued at N3.90 billion, transacted in 3,754 deals.

This was in contrast with a turnover of 217.33 million shares worth N5.82 billion traded in 3,686 deals on Thursday.