By Udeme Ekwere

Equities on the Nigerian Stock Exchange continued on the downward trend on Tuesday, with major market indicators falling significantly.

For instance, the NSE’s All-Share Index fell by 1.9 per cent or 443.79 basis points from 22,963.11 recorded the previous day, to N22,519.32.

Similarly, the market capitalisation of listed equities lost 1.9 per cent or N142bn to close at N7.203tn down, from N7.345tn the preceding day.

The NSE-30 Index fell by 22.33 basis points or 2.2 per cent from 1,022.99 the previous day, points to 999.76 points, while the NSE Banking Index which was the highest hit, fell by 4.2 per cent, from 317.33 points on Monday to 303.93 points.

The NSE Food/Beverages Index was down by 1.5 per cent or 12.09 basis points from 789.58 the previous day, to 777.49 points.

Analysts traced the continued losses to the low confidence among investors, following the recent occurrences in the banking sub-sector.

According to them, it may take some time for the market to pick up after the persistent losses, as a large number of equities had hit new year-lows as a result of the significant losses.

Nigerian Bags Manufacturing Company Plc recorded the highest loss, leading 37 other companies on the losers’ chart. It lost five per cent or 11 kobo to close at N2.09 per share.

Ecobank Nigeria Plc also lost five per cent or 15 kobo to close at N2.85 per share.

Oando Plc, UACN Property Development Company Plc and Ecobank Transnational Incorporated Plc dropped by 4.9 per cent each to close at N33.74, N18.15 and N13.77 per share, respectively.

Five banks, Zenith Bank Plc, Access Bank Plc, FirstBank Plc, Guaranty Trust Bank Plc and Skye Bank Plc also fell by 4.9 per cent each to close at N12.28, N5.98, N10.58, N11.97 and N5.60 per share in that order.

Honeywell Flour Mills Plc, on the other hand, recorded the highest price appreciation of the day, rising by five per cent or 19 kobo to close at N3.99 per share.

NCR Plc and Skye Shelter Fund Plc also gained 4.92 per cent and 3.1 per cent to close at N3.41 and N100 per share, respectively.

The banking sub-sector continued drove volume accounting for 76 per cent of total turnover traded. In the sub-sector, investors exchanged 303.200 million equities, valued at N2.233bn in 3,261 deals.

Trading in the shares of GTBank Plc, Zenith Bank and Access Bank Plc drove the sub-sector’s turnover.

Source: Punch