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NSE records low deals as index sheds 0.8%

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nse logo2By Udeme Ekwere

A total volume of 196.66 million shares worth N1.823bn were exchanged by investors on Thursday, in 3,730 deals.

This represented a decline by 16 per cent in terms of volume compared to 234.77 million shares, valued at N1.819bn exchanged at the close of activities on Wednesday.

The significant decline was mainly as a result of the losses recorded by highly capitalised stocks, which depressed major market indicators at the close of equity trading activities.

Thus, the market capitalisation of the listed equities dropped by N52bn or 0.8 per cent from N6.655tn on Wednesday, to N6.602tn.

Similarly, the NSE’s All-Share Index which stood at 20,868.21 points on Wednesday, fell further by 0.8 per cent or 163.06 points to 20,705.15.

The NSE-30 Index was down by 0.9 per cent or 8.38 basis points to 936.90 down from 928.52 points recorded the preceding day, while the NSE Banking Index fell by two per cent from 296.85 down to 290.93 points.

Ecobank Nigeria Plc, recorded the highest fall shedding five per cent or 0.14 to close at N2.66 per share.

UACN Plc followed on the chart, falling by five per cent or N1.95 to close at N37.07 per share.

Chemical and Allied Products Plc and UACN Property Development Company Plc lost 4.9 per cent each to close at N20.80 and N14.74 per share respectively, while Sterling Bank Plc dropped by 4.9 per cent each to close at N1.34 and N3.26 per share in that order.

Roads Nigeria Plc, on the other hand, recorded the highest gain for the day, rising by 4.9 per cent or 20 kobo to close at N4.22 per share.

Dangote Flour Mills Plc rose by 4.9 per cent or 30 kobo to close at N6.40 per share, while Ikeja Hotels Plc and NCR Plc rose by 4.9 per cent each to close at N1.71 and N4.75 per share respectively.

Trading in the banking sub-sector drove total volume, as it accounted for 78 per cent of turnover traded.

In the sub-sector, 153.96 million equities, valued at N1.149bn, were exchanged by investors in 2,127 transactions.

Turnover in the sub-sector was driven by trading in the shares of Guaranty Trust Bank Plc, Access Bank Plc, Fidelity Bank Plc and Zenith Bank Plc.

Other banking stocks that drove volume in the sub-sector included First Bank of Nigeria Plc, Stanbic IBTC Bank Plc, and Diamond Bank Plc.

 

Source: Punch

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