Trading activities on the floor of the Nigerian Stock Exchange ( NSE) yesterday witnessed another drop in share prices, as the bears sustained their grip on the local bourse following the sell- off that pervaded the stock market, as political tension heightened. Consequently, equities market losses widened the third trading day, as investors remained on the sideline following profit takings.
The local bourse recorded 22 gainers against 21 losers. Consequently, the All-Share Index dipped 145.62 basis points or 0.40 per cent to close at 36,333.80 index points as against 36,479.42 recorded the previous day, while market capitalisation of equities depreciated by N54 billion from N13.315 trillion the previous day to N13.261 trillion as market sentiment remained on the negative territory.
Meanwhile, a turnover of 248 million shares exchanged in 3,932 deals was recorded in the day’s trading.
The banking sub-sector of the financial services segment was the most active (measured by turnover volume) with 104.7 million shares exchanged by investors in 674 deals.
Volume in the sub-sector was largely driven by activities in the shares of Wema Bank Plc and GTB Plc.
Also, the premium sub-sector boosted by activities in the shares of UBA Plc and Zenith Bank Plc followed with a turnover of 39.6 million shares in 1,010 deals.
Further analysis of the day’s trading showed that Airline Services Plc, Livestock Feeds Plc and United Capital Plc topped the day’s gainers’ table with 10.00 per cent each to close at N4.95, 66 kobo and N3.08 per share respectively, while Niemeth Pharmaceuticals Plc followed with 9.23 per cent to close at 71 kobo per share. Niger Insurance Plc added 9.09 per cent to close at 36 kobo per share.
On the flip side, CAP Nigeria Plc led the losers’ with a drop of 10.00 per cent to close at N28.35 per share, while Mutual Benefits Insurance Plc shed 8.82 per cent to close at 31 kobo per share. Seplat Petroleum Development Company Plc plunged by 8.45 per cent to close at N650.00 per share.
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