Stock Market Closes Lower On Selling Pressure

The stock market opened the year’s trading yesterday on a weak bargain as investors gave in to selling pressure.

Consequently, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) fell by 2.06 per cent from 34,657.15 basis points to 33,943.29 basis points.

Market capitalisation also fell by N241 billion to N11.237 trillion from N11.478 trillion.

A total of 16 stocks recorded price appreciation while 28 others recorded price depreciation. Total topped the gainers table, rising by N6.50 to close at N149 per share. It was followed by Oando which rose by N1.39 to close at N17.50 per share. Stanbic IBTC gained N1 to close at N28 per share. Unilever rose by 68 kobo to close at N36.48 while Wapco appreciated by 50 kobo to close at N81 per share.

The losers for the day were led by Seplat which fell by N19.51 to close at N351.50 per share. Nestle was down by N16.15 to close at N995.60 per share while Dangote Cement shed N10 to close at N190 per share. Also among the losers were Julius Berger, which fell by N3.03 to close at N57.63 and Guinness lost N2.85 to close at N165.30 per share.

However, the volume of shares traded appreciated by 28.06 per cent as investors staked N5.46 billion on 299.411 million shares transacted in 3,803 deals. This is against the 233.814 million shares worth N4.23 billion traded in 2,775 deals on Wednesday.

ETI emerged the most traded stock, accounting for 97.39 million shares worth N1.80 billion. Guaranty Trust Bank followed with a total of 49.55 million shares valued N1.24 billion while Zenith Bank exchanged 33.82 million shares worth N611.89 million.

Transcorp transacted 25.1 million shares valued N81.33 million while UBA sold 17.60 million shares worth N75.71 million.

Source : Leadership

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