Forte Oil, Guinness, NB Lead Stock Market’s Decline

Forte Oil

The stock market continued on a negative trend yesterday because of the decline in the shares of Forte Oil, Guinness, Nigerian Breweries, among others.

Consequently, the Nigerian Stock Exchange (NSE) All Share Index (ASI) depreciated by 0.61 per cent or 210.80 points to close at 34,510.81 points against the preceding day’s 34,721.61 points. Also, the market capitalisation declined by N72 billion from N11.832 trillion to N11.760 trillion.

The market breadth closed negative with 25 stocks appreciating and 30 declining. Forte Oil led with a loss of N6.90 to close at N193.10 per share. Guinness trailed with a loss of N6.01 to close at N161.99 while Nigerian Breweries declined by N3.82 to close at N157.02 per share.

Cadbury shed N1.81 to close at N39.20 and Unilever lost N1.64 to close at N40.01 per share. On the other hand, Nestle led the gainers’ table with N7 to close at N947 per share. Seven Up followed with a gain of N6.90 to close at N170 while PZ Cussons advanced by N1.35 to close at N28.35 per share.

Flourmill grew by 72 kobo to close at N36.42 and Oando went up by 32 kobo to close at N19.01 per share.

According to the NSE, investors staked N3.29 billion on 354.454 million shares transacted in 5,668 deals. The turnover decreased by 10.30 per cent compared to 395.164 million shares worth N2.70 billion traded in 4,497 deals on Monday.

The financial services industry led the activity chart as FBN Holdings emerged the most-traded equity, with 48.58 million shares worth N496.40 million. UBA came second on the activity chart with 41.14 million shares valued at N211.14 billion, while Access Bank traded 37.47 million shares worth N254.61 million.

Source : Leadership

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