NSE market indicators close lower, amid profit taking on Nestle, MTN

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

Trading activities on the Nigerian Stock Exchange (NSE) ended southward on Tuesday following losses posted by Nestle and MTN Nigeria.

The News Agency of Nigeria (NAN) reports that Nestle posted a loss of N49.90 to close at N1,150, while MTN Nigeria trailed with N1.55 to close at N124 per share.

Guinness was down by 55k to close at N23.30, UAC Property dipped 10k to close at 97 per share.

Honey Well dipped 6k to close at 98k per share.

Consequently, the market capitalisation of listed equities shed N12 billion or 0.10 per cent to close at N12.839 trillion from N12.851 trillion achieved on Monday.

Also, the All -Share Index lost 25.71 points or 0.10 per cent to close at 26,375.35 from 26401.06 on Monday.

Analysts at Afrinvest Limited stated that “We believe the bearish momentum will be sustained in subsequent sessions as investors maintain a risk-off approach towards equities.”

Meanwhile, market breadth closed positive, with 17 gainers compared with nine losers.

Stanbic IBTC led the gainers’ table, growing by N2 to close at N39 per share.

Ecobank Transnational followed with a gain of 50k to close at N7, while Zenith Bank Plc added 20k to close at N17.35 per share.

Access Bank and FBN Holdings also garnered 20k each to close at N17.35 and N8.30 per share, respectively.

An analysis of the activity chart indicates that
Law Union and Rock Plc was the most active, accounting for 70.39 million shares valued at N29.57 million.

United Bank for Africa came second with an account of 51.83 million shares worth N335.44 million, while Zenith Bank sold 50.43 million shares valued at N877.05 million.

Guaranty Trust Bank accounted for 26.02 million shares worth N678.03 million, while Guinness traded 18.82 million shares valued at N438.58 million.

In all, investors bought and sold 304.28 million shares worth N3.993 billion in 3,091 deals.

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This was against 368.18 million shares valued at N2.77 billion exchanged in 3,473 deals on Monday.



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