Leadership (Abuja)

Nigeria: NSE Indicators Drop Further By 0.96 Percent

Value of equities on the Nigerian Stock Exchange (NSE) fell further yesterday when the twin market indicators on the stock market for the third day running continued on the downward trend as performance index dipped by 0.96 per cent.

Price movement showed that 22 stocks gained weight at the close of the day's transactions, while 19 constituted the losers' table in the day.

Specifically, the market capitalisation of listed equities depleted by N72 billion to close at N7.373 trillion down from N7.445 trillion recorded on Tuesday, representing 0.96 per cent depreciation from the previous activity.

A further review of transaction in the day showed that the All Share Index fell by 225.21 basis points to close at 23,166.58 points from the previous 23,391.79 points.

International Wapic Insurance Plc which topped the losers' list declined by 5.00 per cent to close at N0.57 per share, followed by Abbey Building Plc, 4.86 per cent decrease to close at N1.37 per share.

Cement Company of Northern Nigeria, Flourmill Nig. and Continental Insurance that were the top three on the losers' table, depreciated by 4.78, 4.76 and 4.48 percentage points to close at N4.18, N50.00 and N0.64 per share respectively.

On the other hand, Berger Plc led on the gainers' side with 4.88 per cent to close at N7.31, followed by Eterna Plc with 4.72 increase to close at N2.44 per share. RT Briscoe gained 4.52 per cent to close at N1.62 per share, while SMURFIT Plc rose by 4.24 per cent to close at N1.23. UTC Plc chalked 4.11 per cent to close at N0.76 among other gainers.

Further analysis shows that the banking sub-sector buoyed by activities on the shares of Guaranty Trust Bank, Diamond Bank and First Bank of Nigeria dominated others on sectoral chart with 148.3 million units valued at N1.2 billion exchanged in 2,249 deals.

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