NSE halts bullish trend, indices down 0.95%

The Nigerian Stock Exchange market indices on Wednesday dropped by 0.95 per cent after 12 consecutive days of bullish trading.

The drop followed profit taking in blue chips.

Specifically, the All-Share Index dipped 275.02 points or 0.95 per cent to close at 28,634.35 compared with 28,909.37 recorded on Tuesday.

Also, the market capitalization lost N144 billion or 0.95 per cent to close at N14.966 trillion against N15.110 trillion achieved on Tuesday.

The downturn was impacted by losses recorded in medium and large capitalized stocks, amongst which are; MTN Nigeria Communications, Unilever, Zenith Bank, Guinness and Lafarge Africa.

Consequently, the market breadth closed negative with 21 gainers in contrast with 31 losers.

Unilever led the losers’ chart in percentage terms, dropping 9.89 per cent to close at N12.30 per share.

Cornerstone came second with 9.09 per cent to close at 60k, while Ecobank Transnational declined by 8.89 per cent to close at N4.10 per share.

UACN Property dipped 8.14 per cent to close at 79k and Custodian Investment lost 7.21 per cent to close at N5.15 per share.

On the other hand, Berger Paints dominated the gainers’ chart in percentage terms with 9.84 per cent to close at N6.70 per share.

Linkage Assurance garnered 9.76 per cent to close at 45k, while NASCON appreciated by 9.59 per cent to close at N12 per share.

Mutual Benefits Assurance improved by 9.52 per cent to close at 23k, while Chemical And Allied Products rose by 9.36 per cent to close at N18.70 per share.

However, the volume of shares traded increased by 11.13 per cent as investors bought and sold 832.88 million shares valued at N9.54 billion in 9,180 deals.

This was in contrast with 749.47 million shares worth N9.49 billion exchanged in 8,075 deals on Tuesday.

Transactions in the shares of FBN Holdings topped the activity chart with 128.79 million shares valued at N789.81 million.

Zenith Bank sold 120.62 million shares worth N2.44 billion, while United Bank for Africa accounted for 83.98 million shares valued at N577.16 million.

Access Bank sold 78.93 million shares worth N603.29 million, while Guaranty Trust Bank traded 76.16 million shares worth N2.41 billion.