NSE maintain bearish trend despite listing of Ellah Lakes additional shares

The market indices of the Nigerian Stock Exchange (NSE) maintained the bearish posture on Monday in spite of the listing for of additional 1.88 billion shares of Ellah Lakes Plc.

It was reported that the market capitalisation dropped by N40 billion to close at N13.192 trillion against N13.232 trillion achieved on Friday.

Also, the All-Share Index lost 110.37 points or 0.37 per cent close at 29,936.33 from the 30,046.70 posted on Friday due to price losses by some blue chips.

Dangote Cement and MTNNigeria Communications led the price losers’ table with loss of N1.60 per share each to close at N182.40 and N130, respectively.

Guinness was down by 55k to close at N46.95, Oando declined by 20k to close at N3.70, while NAHCO dipped by 19k to close at N2.80 per share.

On the other hand, Forte Oil led the gainers’ table, appreciating by N2.90 to close at N32.30 per share.

Unilever followed with a gain of N1 to close at N32, while Dangote Flour Mill added 50k to close at N16.50 per share.

Zenith Bank increased by 20k to close at N20.20, while NASCON went up by 20k to close at N15 per share.

A breakdown of the activity chart shows that Wema Bank was the most active stock, accounting for 2.69 billion shares valued at N1.71 billion.

Fidelity Bank followed with 24.64 million shares worth N42.88 million, while Thomas Wyatt traded 22.91 milion shares valued at N7.10 million.

Zenith Bank traded 15.64 million shares worth N315.17 million, while Access Bank sold 10.44 million shares valued at N66.29 million.

In all, 2.86 million shares worth N3.92 billion were traded by investors in 3,360 deals.

This was in contrast to a turnover of 145.28 million shares valued at N2.83 billion traded in 2,445 deals on Friday.