Bearish Trend Continues As NSE Index Drops 0.13%

By Bamidele Ogunwusi – Lagos


In line with trends observed in the past week, negative sentiments continue to trail equities on the floor of The Nigerian Stock Exchange (NSE) on Monday when profit takers refused to give up their hold as key market indicators, the All-Share Index and Market Capitalisation, declined by 0.13 percent each.

The All Share Index went down by 46.33 basis points or 0.13 percent to close at 34,341.88 points as against 34,388.21 points recorded on Friday, while market capitalisation depreciated by N15.732 billion to close at N11.662 trillion compared with N11.678 trillion recorded the previous trading day.

Experts attributed the loss to decline in blue chip banking and Oil and Gas stocks like Ecobank Transnational Incorporated which lost 5.0 percent,  Forte Oil which shed 3.4 percent, FBN Holdings with 1.6 percent loss, Oando  which slipped by 1.6 percent and Zenith Bank  which depreciated  by 1.4 percent .

At the close of trading on Monday, a total of 207.303 million shares valued at N2.363 billion changed hands in 3,907 transactions compared to 208.349 million shares valued at N2.286 billion in 3,238 transactions with the financial services sector accounting for a total of 141.002 million shares valued at N1.594 billion in 1,943 deals as against 125.010 million shares valued at N1.204 billion in 1,604 deals recorded at the weekend.

However, in the banking sub-sector, investors bought and sold a total of 102.586 million shares valued at N1.442 billion in 1,276 transactions as against 82.783 million shares valued at N864.256 million in 942 deals recorded on Friday.

Nigerian Breweries led 25 others on the advancers’ table at the close of trading on Monday when it appreciated by 340 kobo to close at N156.90 per share, followed by Flour Mills of Nigeria which gained 166 kobo to close at N36.95 per share, Cadbury Nigeria added 65 kobo to close at N39.90 per share, Berger Paint grabbed 45 kobo to close trading at N9.52 per share, while National Salt Company of Nigeria nicked 40 kobo to close at N8.70 per share, among others.

Source : Independent

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