Equities Shed N262bn On NSE

Selling pressure has continued to outweigh bargain hunting on the equities segment of the Nigerian Stock Market (NSE), causing market indicators to close lower, yesterday.

The market capitalisation went down by N262 billion to close at N9.321 trillion when compared with the N9.583 trillion posted on Wednesday.

Similarly, the All-Share Index (ASI) declined by 785.50 points or 2.73 per cent to close at 27,935.77 as against the 28,721.27 achieved on Wednesday.

Analysis of the price movement chart indicated that Nestle led the losers’ chart by N18.50 to close at N746.25 per share. Total trailed with a loss of N7.22 to close at N137.28, while Dangote Cement dipped by N7 to close at N145 per share. Guiness dropped by N5 to close at N120, while Wapco lost N4.05 to close at N78.95 per share.

On the other hand, Forte Oil topped the gainers’ table by N2 to close at N202 per share. CCNN came second on the activity chart with 46 kobo to close at N9.82 while Okomu Oil appreciated by 40 kobo to close at N27.90 per share. Air Service gained 9 kobo to close at N1.95 and Fidelity Bank appreciated by 4 kobo to close at N1.22 per share.

A total of 411.564 million shares worth N4.48 billion were transacted in 3,491 deals from the 339.451 million shares worth N6.11 billion traded in 3,512 deals on Wednesday.FBN Holdings remained the most traded stock, accounting for 95.16 million shares worth N651.12 billion. Zenith Bank followed with a total of 72.15 million shares valued N1.13 billion while Transcorp exchanged 49.99 million shares worth N121.02 million.

Source : Leadership

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