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Trading reverses on NSE, indices down by 0.19%

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NSE: Indices slump as capitalisation sheds N92bn

Trading on the nation’s bourse returned to the negative territory on Tuesday with the market indicators dropping by 0.19 per cent, amid profit taking in Stanbic IBTC and Nigerian Breweries.

Specifically, the All-Share Index lost 75.32 points or 0.19 per cent to close at 40,494.35 from 40,571.67 recorded on Monday.

Consequently, the month-to-date loss increased to 4.5 per cent, while the year-to-date gain moderated to 0.60 per cent.

In the same vein, the market capitalisation which opened at N21.224 trillion shed N40 billion or 0.19 per cent to close at N21.184 trillion.

The loss was driven by price depreciation in large and medium capitalised stocks amongst which are; Cornerstone Insurance, UPDC Real Estate Investment Trust, Consolidated Hallmark Insurance, Prestige Assurance and Wapic Insurance.

Cornerstone Insurance and UPDC Real Estate Investment Trust led the losers’ chart in percentage terms, dropping 10 per cent each to close at 54k and N5.40 per share, respectively.

Consolidated Hallmark Insurance trailed with 9.52 per cent to close at 38k per share.

Prestige Assurance lost 8.51 per cent to close at 43k, while Wapic Insurance dipped 8.33 per cent to close at 55k per share.

On the other hand, Learn Africa dominated the gainers’ chart in percentage terms with 9.28 per cent to close at N1.06 per share.

Ardova followed with 9.06 per cent to close at N18.05, while Multiverse Mining rose by 8.33 per cent to close at 26k per share.

Wema Bank increased by 7.69 per cent to close at 70k, while Guinness Nigeria gained 7.32 per cent to close at N22 per share.

Transactions in the shares of Guaranty Trust Bank topped the activity chart with 46.16 million shares valued N1.43 billion.

FBN Holdings sold 35.34 million shares worth N256.89 million, while Dangote Sugar traded 26.82 million shares valued N510.53 million.

Zenith Bank accounted for 25.99 million shares worth N652.65 million, while Transcorp transacted 25.34 million shares valued N25.19 million.

In all, the total volume of shares traded rose by 72.8 per cent as investors bought and sold 356.43 million valued N5.76 billion in 5,040 deals.

This was in contrast with 206.24 million shares worth N2.16 billion in 4,264 deals on Monday.

Chinyere Joel-nwokeoma

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective.A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour.The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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