NSE market indicators drop further by 0.72%

Activities on the Nigerian Stock Exchange (NSE, Wednesday remained on a bearish posture with the market indices dropping by 0.72 per cent, amidst profit taking.

The All-Share Index lost 190.58 points or 0.72 per cent to close at 26,173.69 compared with 26,364.27 posted on Tuesday. Also, the market capitalisation which opened at N9.075 trillion shed N65 billion or 0.72 per cent to close at N9.010 trillion.

Malam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., said that the loss was not due to the emergence of Donald Trump as the newly elected U.S. president.

Kurfi said the Nigerian equity market had remained on a negative territory in the past one week, adding that the loss was not spectacular.

“The market has lost more than this marginal in the past and there is nothing spectacular about the loss. The downward trend being experienced in our market is due to economic uncertainties and poor liquidity,” he said. A breakdown of the price movement chart indicated that PZ Cusson led the losers’ table, shedding N1.51 to close at N16.49 per share.

It was followed by Flour Mills with a loss of 95k to close at N18.05, while Guaranty Trust Bank lost 75k to close at N20.65 per share. Glaxosmithkline also depreciated by 75k to close at N15 and the Nigerian Breweries dropped 50k to close at N143.50 per share. Conversely, Guinness led the gainers’ table, gaining N1.50 to close at N90 per share. CAP Plc followed with a gain of N1.38 to close at N35.40 and Dangote Sugar added 18k to close at N6.30 per share.

Redstare appreciated by 10k to close at N4.30, while UPL increased by 10k to close at N3.90 per share. Chams for the second consecutive days emerged the most traded equity, exchanging 40.10 million shares worth N20.05 million. GT Bank followed with 18.34 million shares valued at N378.71 million, while United Bank for Africa traded 14.08 million shares worth N59.59 million.

FBN Holdings sold 13.94 million shares worth N42.30 million, while Access Bank traded 7.53 million shares valued at N39.09 million. In all, investors bought and sold a total of 146.11 million shares worth N1.04 billion transacted in 3,039 deals. This was against a turnover of 189.01 million shares valued at N1.60 billion transacted in 3,434 deals on Tuesday.