NSE key indices drop further 0.57%

Key market indicators dropped further by 0.57 per cent at the nation’s bourse on Wednesday, on increased profit taking in banking and industrial sectors.

The downturn was supported by investors’ portfolio readjustment ahead of first quarter earnings results.

Specifically, the All-Share Index declined by 221.98 points or 0.57 per cent to close at 39,045.13, compared with 39,267.11 posted on Tuesday.

Also, the market capitalisation dropped by N116 billion, closing at N20.428 trillion, from N20.544 trillion.

The market loss was driven by price depreciation in large and medium capitalised stocks, amongst which are MTN Nigeria Communications (MTNN), Stanbic IBTC Holdings, Glaxo Smithkline Consumer, Access Bank and Guaranty Trust Bank.

Market sentiment remained negative with 24 stocks in contrast with 18 gainers.

Daar Communications led the losers’ chart in percentage terms, losing 8.70 per cent to close at 21k per share.

Wema Bank followed with a decline of 8.06 per cent to close at 57k, while University Press lost 7.76 per cent to close at N1.07 per share.

UACN Property Development Company lost 7.23 per cent to close at 77k, while Japaul Gold and Ventures shed 6.82 per cent to close at 41k per share.

Conversely, Linkage Assurance drove the gainers’ chart in percentage terms with 10 per cent to close at 66k per share.

Meyer and Prestige Assurance followed with a gain 9.76 per cent each to close at 45k each per share each.

NEM Insurance rose by 9.52 per cent to close at N2.30, while Guinness Nigeria appreciated by 7.28 per cent to close at N33.90 per share.

However, the total volume of shares traded increased by 3.3 per cent with a total of 347.17 million shares valued at N2.80 billion exchanged in 3,990 deals.

This was in contrast with 336.13 million shares worth N3.27 billion transacted in 4,394 deals on Tuesday.

Transactions in the shares of Wema Bank topped the activity chart with 94.05 million shares valued at N53.37 billion.

Union Bank of Nigeria followed with 78.91 million shares worth N418.22 million, while Zenith Bank traded 22.14 million shares valued at N500.20 million.

FBN Holdings traded 11.98 million shares worth N87.14 million, while Guaranty Trust Bank transacted 10.72 million shares worth N352.67 million.