NSE: Trading maintains bearish trend, indices down by 0.19 per cent

The logo of the Nigerian Stock Exchange is pictured in Lagos, Nigeria November 9, 2016. REUTERS/Afolabi Sotunde
The logo of the Nigerian Stock Exchange is pictured in Lagos, Nigeria November 9, 2016. REUTERS/Afolabi Sotunde

The bears maintained dominance on the Nigerian Stock Exchange (NSE) for the fifth consecutive day with the market indicators dropping by 0.19 per cent.

The News Agency of Nigeria (NAN) reports that the All-Share Index on Friday lost 49.97 points or 0.19 per cent to close at 26,533.78 against 26,583.75 on Thursday.

Also, the market capitalisation which opened at N12.940 trillion shed N24 billion or 0.19 per cent to close at N12.916 trillion.

The Chief Operating Officer, InvestData Ltd, Ambrose Omordion, attributed the development to investors apathy due to weakening economic fundamentals.

Mr Omordion said fund managers were selling down their position due to weaken economic fundamentals and divergence in monetary and fiscal policy formulation.

An analysis of the price movement table shows that Nigerian Breweries recorded the highest loss, declining by N2 to close at N46 per share.

Dangote Cement trailed with a loss of 80k to close at N144.20, while NAHCO lost 17k to close at N2.33 per share.

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Oando was down by 3k to close at N3.57 per share.

Conversely, FBN Holdings led gainers’ table with 10k to close at N5.40 per share,

AIICO Insurance followed with a gain of 5k to close at 69, while Guaranty Trust Bank Plc garnered 5k to close at N26.80 per share.

Honey Well added 4k to close at oak, while ABC Transport also rose by 4k to close at 44 per share.

Also, the volume of shares traded declined by 67.69 per cent with an exchange of 117.384 million shares valued at N1.50 billion in 2122 deals.

This was in contrast with a turnover of 363.26 million shares worth N19.02 billion transacted in 2,650 deals on Thursday.

FCMB Group recorded the highest volume of activities, exchanging 24.01 million shares worth N38.42 million.

Access Bank followed with an account of 21.29 million shares valued at N156.39 million, while Transcorp sold 16.18 million shares valued at N16.17 million.

GT Bank accounted for 12.73 million shares worth N341.63 million, while Zenith Bank traded 7.57 million shares valued at N136.15 million.


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