NSE indices drop further by 0.15%, as Forte Oil tops activity chart

For the third day running, activities on the nation’s bourse continued on a bearish mood on Wednesday, with the All Share Index dropping further by 0.15 per cent.

Specifically, the index which opened trading at 29,818.80 shed 46.08 points or 0.15 per cent to close at 29,772.72 due to price losses by some blue chips.

Also, the market capitalisation lost N20 billion or 0.15 per cent to close at N13.120 trillion against N13.140 trillion on Tuesday.

Meanwhile, Forte Oil was the most active in the activity chart, having accounted for 970.17 million shares worth N64.38 billion in an off-market trade.

According to TRW Stockbrokers Limited, these deals were negotiated between Stanbic IBTC Stockbrokers as buyer, while APT Securities and Funds Limited, WSTC Securities and Quantum Zenith Securities were sellers.

Prestige Assurance came second with 53.86 million shares worth N26.93 million, while eTranzact International traded 42.05 million shares valued at N100.08 million.

Guaranty Trust Bank traded 34.01 million shares valued at N1.05 billion, while FBN Holdings transacted 31.54 million shares worth N220.23 million.

Consequently, investors bought and sold 1.23 billion shares valued at N67.89 billion traded in 3,441 deals.

This was in contrast with a turnover of 2.91 billion shares worth N11.23 billion exchanged in 3,324 deals on Tuesday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Seplat, Presco, Conoil and MTN Nigeria.

Analysts at Cordros Capital stated that “In the absence of a positive catalyst, we guide investors to trade cautiously in the short term.

However, stable macro-economic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.”

It was reported that market breadth closed positive, with 21 gainers versus 19 losers.

Forte Oil recorded the highest price gain of 10 per cent, to close at N34.65, per share.

NEM Insurance followed with a gain 9.87 per cent to close at N2.45, while Thomas Wyatt Nigeria appreciated by 9.68 per cent to close at 34k per share.

Dangote Sugar Refinery went up by 9.09 per cent to close at N12, while Ecobank Transnational Inc (ETI) appreciated by 7.84 per cent to close at N11 per share.

Conversely, Consolidated Hallmark Insurance, Presco and Prestige Assurance led the losers’ chart by 9.09 per cent each, to close at 20k, N50 and 50k per share, respectively.

AXA Mansard Insurance followed with a decline of 6.28 per cent to close at N1.79, while Conoil went down by 5.87 to close at N21.65 per share.