Business
NSE LIVE! Equities stumble again as selling pressure persists
The recent spate of downtrend at the Nigerian Stock Exchange (NSE) entered the fourth consecutive trading sessionon Wednesday, raising the negative average year-to-date return for Nigerian investors to -13.98 per cent.
With 20 losers to 16 gainers, the market situation underlined widespread selling sentiments. The All Share Index (ASI)-the value-based benchmark index that tracks prices of all quoted companies on the NSE, slipped by 0.01 per cent to close at 24,637.91 points as against its opening index of 24,639.48 points.
Aggregate market value of all quoted equities also dropped marginally from N8.476 trillion to close at N8.475 trillion.
Most group indices at the stock market closed negative. The NSE Consumer Goods Index dropped by 0.5 per cent. The NSE Industrial Goods Index slipped by 0.1 per cent. The NSE Insurance Index declined by 0.7 per cent while the NSE Oil and Gas Index depreciated by 0.2 per cent. However, the NSE Banking Index appreciated by 0.9 per cent.
Nestle Nigeria led the losers with a loss of N30 to close at N645. Mobil Oil Nigeria followed with a loss of N11.99 to close at N150. Beta Glass declined by N2.27 to close at N43.23. Okomu Oil Palm lost N1.21 to close at N30.04 while Flour Mills of Nigeria dropped by 29 kobo to close at N20 per share.
Total turnover stood at 162.47 million shares valued at N1.02 billion in 3,079 deals. The three most active stocks were Zenith Bank, with 22.99 million shares; Transcorp, with 17.81 million shares and Guaranty Trust Bank, which recorded a turnover of 17.66 million shares.
Read also: NSE LIVE! Equities open with N233b loss amidst rising selloff
“We expect the tepid market movement to continue tomorrow amid worsening macroeconomic fundamentals and poor policy reactions,” Afrinvest Securities, which trades on the NSE, stated.
On the upside, Nigerian Breweries led the gainers with a gain of N1.99 to close at N106.99. Guaranty Trust Bank followed with a gain of 62 kobo to close at N14.83. Presco rose by 41 kobo to N35.01. Oando chalked up 26 kobo to close at N4.52 while Access Bank added 15 kobo to close at N3.71 per share.
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