Selling pressure outweighed bargain hunting in the equities segment of the Nigerian Stock Exchange with major market indicators declining.
For instance, the NSE All-Share Index fell by 70.24 basis points or 0.23 per cent to close at 30,042.38 basis points, while the market capitalisation of the listed equities dipped by N24bn or 0.23 per cent to close at N10.297tn.
A review of the nine other indices showed that it was a general poor day for the Exchange as six of the indices depreciated with only two rising.
The NSE Alternative Securities Market Index closed flat at 1,210.13 basis points.
Investors exchanged 299.700 million shares valued at N2.551bn in 3,556 deals with five stocks appreciating and 33 others depreciating.
Gainers for the day include Dangote Cement Plc, which rose by N3 to close at N183 per share, and Flour Mills of Nigeria Plc with a 10 kobo share price appreciation that lifted it to N25.41 per share.
Paints and Coatings Manufacturers of Nigeria Plc gained four kobo to close at N1 per share, while May & Baker Nigeria Plc and Ecobank Transnational Incorporated rose by N3 each to close at N18.7 per share.
The losers included GlaxoSmithKline Consumer Nigeria Plc, which shed N1.89 to close at N36.11 per share.
Cadbury Nigeria Plc was down by N1.5 to close at N28.56, while Okomu Oil Plc fell by N1.2 to close at N22.85 per share.
Also among the losers were Forte Oil Plc and Lafarge Africa Plc, which declined by N1.08 and 87 kobo per share to close at N218.9 and N100.63 per share, respectively.
On Monday, gains by Dangote Cement Plc and 11 other stocks on Tuesday had helped the equities segment of the Nigerian Stock Exchange to close on a positive note for the first time in eight trading sessions.
The gains, which had lifted the market capitalisation and NSE ASI by 0.68 per cent, were, however, described as reckless.
“It was a reckless gain that we saw today (Monday) because if you discount the gain of Dangote Cement, if you look at all other sectors they closed negative,” the Chief Executive Officer, Enterprise Stockbrokers, Mr. Rotimi Fakayejo, had said.
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Source : Punch