Local, foreign investors purchased Zenith Bank’s 357.23m Shares

Investors on the floor of Nigerian Stock Exchange (NSE) staked N7.83 billion on 694.02 million shares in 2,780 deals. The volume of shares traded represented an increase of 182.29 per cent compared with 245.85 million shares valued at N1.36 billion transacted in 2,514 deals on Monday. Transactions in the shares of Zenith Bank topped the activity chart with 357.23 million shares worth N6.18 billion. Omoluabi Mortgage Bank followed with 174.25 million shares worth N95.79 million, while Fidelity Bank accounted for 31.80 million shares valued at N53.96 million.

May and Baker sold 28.03 million shares worth N56.07 million, while Guaranty Trust Bank accounted for 25.33 million shares worth N666.27 million. 

Meanwhile, The All Share Index dipped 24.25 points or 0.09 per cent to close at 26,365.83 against 26,390.08 recorded on Monday. In the same vein, investors lost N12 billion in value as market capitalisation declined to N12.835 trillion compared with N12.847 trillion on Monday. The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are: MTN Nigeria, Eterna, Cadbury Nigeria, May and Baker Nigeria and Dangote Cement. Analysts at Afrinvest Limited stated, “In the absence of policy levers to upturn the market, we maintain our bearish outlook on the equities market.”

Market breadth closed slightly negative, with 12 gainers against 13 losers. Courteville Business Solutions recorded the highest price gain of 10 per cent to close at 22k per share. Cutix followed with a gain of 9.92 per cent to close at N1.44, while Cornerstone Insurance appreciated by 8.57 per cent to close at 38k per share. Neimeth rose by 8.11 per cent to close at 40k, while Consolidated Hallmark Insurance appreciated by 3.03 per cent to close at 34k per share. Conversely, Eterna led the losers’ chart by 9.52 per cent to close at N2.85, per share.

Omoluabi Mortgage Bank followed with a decline of 9.09 per cent to close at 50k, while May and Baker Nigeria declined by 8.68 per cent to close at N2 per share. Law Union & Rock Insurance depreciated by 7.84 per cent to close at 47k and FCMB Group declined by 4.76 per cent to close at N1.60 per share