NSE: equity goes bearish
The ongoing strike by labour may have scalped the stock market as equity transactions on the Nigerian Stock Exchange (NSE) on Thursday closed on a negative note, with Nestle Plc leading the losers’ table.
The News Agency of Nigeria (NAN) reports that the All-Share Index dropped by 199.92 points or 0.61 per cent to close at 32,763.35 against 32,963.27 on Wednesday.
Mr Fakrogha Charles, Chief Relationship Officer, Foresight Securities & Investment Ltd., attributed the depreciation to sell pressure on Nestle stock, a higher stock in the market.
According to him, whenever there is sell pressure on major market stock, it usually affects the market performance.
Also, the market capitalisation shed N73 billion or 0.61 per cent to close at N11.961 trillion in contrast with N12.034 trillion achieved on Wednesday.
An analysis of the price movement chart indicated that 13 stocks recorded price depreciation, while 24 stocks posted price appreciated.
Nestle, one of the blue chips on NSE led the losers’ table with a loss of N62.50 to close at N1, 432. 50per share.
GTBank trailed with a loss of 80k to close at N36.70, while PZ Cussons decreased by 65k to close at N12.85 per share.
CCNN was down by 50k to close at N23, while Dangote Cement dipped 40k to close at N14.20 per share.
On the other hand, Total oil recorded the highest gain, leading the gainers’ table with N1.90 to close at N183 per share.
Nigerian Breweries followed with a gain of N1.40 to close at N91.50, Custodian appreciated by 24k to close at N5.28 per share.
Zenith Bank added 10k to close at N21.50 and FBN Holdings up by 5k to close at N8.60 per share.
Fidelity Bank emerged the investor’s delight, trading 23.304 million shares worth N298.31 million in 156 deals.
GT Bank followed with an account of 16.76 million shares valued at N500.25 million in 185 deals, while UBA traded 16.223 million shares worth N112.61 million in 171 deals.
Access Bank exchange15.50 million shares valued at N12.22 million in 137 deals, while Zenith Bank sold 11.43 million shares worth N10.41 million in 220 deals.
In all, investors bought and sold 154.290 million shares valued at N2.70 billion in 2,715 deals, representing a decrease of 10.39 per cent.
This was in contrast with a total of 172.196 million shares worth N2.05 billion achieved in 2,866 deals.
