NSE: Trading maintains losing streak

The Nigerian Stock Exchange (NSE) on Thursday extended its losing streak to four consecutive trading days with the All-Share Index declining by 0.09 per cent.

Specifically, the index shed 24.88 points or 0.09 per cent to close at 26,913.70 compared with 26,938.58 on Wednesday.

Also, the market capitalisation lost N13 billion to close lower at N12.989 trillion in contrast with N13.002 trillion on Wednesday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are Arbico, Fidson Healthcare, Access Bank, Med-View Airline and FBN Holdings.

Market breadth closed negative with eight gainers compared with 19 losers.

An analysis of the price movement chart showed that Cornerstone Insurance and Med-View Airline led the losers’ chart in percentage terms, declining by 10 per cent, each to close at 63k and N1.62 per share, respectively.

Arbico followed with a decline of 9.81 per cent to close at N4.32, while Fidson lost 9.33 per cent to close at N3.40 per share.

Deap Capital Management and Trust dropped 9.09 per cent to close at 40k, while R.T Briscoe dropped 8.70 per cent to close at 21k per share.

On the other hand, Chams recorded the highest price to lead the gainers’ chart in percentage terms, improving by 9.09 per cent to close at 36k per share.

Union Diagnostic came second with a gain 8.33 per cent to close at 26k, while Dangote Sugar Refinery appreciated by 8.03 per cent to close at N14.80 per share.

UACN grew by 6.62 per cent to close at N8.05, while Cutix appreciated by 4.05 per cent to close at N1.54 per share.

In spite of the drop in market indices, the volume of shares traded rose by 83.59 per cent with an exchange of 207.26 million shares worth N2.85 billion transacted in 3,842 deals.

This was as against a total of 112.89 million shares valued at N1.08 billion exchanged in 3,041 deals on Wednesday.

Transactions in the shares of UACN topped the activity chart with 40.23 million shares worth N315.89million.

Access Bank followed with 28.29 million shares valued at N260.13 million, while Guaranty Trust Bank sold 27.73 million shares worth N837.67 million.

Zenith Bank accounted for 25.91 million shares valued at N484.60 million, while FBN Holdings transacted 23.77 million shares worth N159.21 million.