Stock market extends loss over political uncertainty

The stock market on Tuesday extended losses as profit taking activity of market bellwethers continued against the backdrop of political uncertainty, causing the local burse to close on a negative note.

The stock market had opened the second half of 2018 with a bearish performance on Monday amid selloffs in Dangote Cement, GTBank and Zenith Bank.

The bear was sustained at the floor on the Nigerian Stock Exchange (NSE) as the All Share Index (ASI), benchmark index of the NSE, dropped by 0.9 percent, while the year to date lose of the ASI stood at 1.67 percent.

At the end of the trading session, 30 losers emerged against only 13 gainers. Investors lost N124 billion as market capitalisation of equities traded, which opened at N13.75 trillion, closed at N13.62 trillion.

Nestle led the decliners’ list with N65 depreciation to close at N1510 per share. Mobil Oil followed by dropping N9.90 to close at N190 per share, while Wapco shed N1.50 to close at N39.45 per share.

Dangote Cement fell by N1.30 to close at N222.8 per share, while Cadbury went down by 70k to close at N12.30 per share.

On the flip side, Betaglass added N4.15 to led the advancers’ list, closed at N90.45 per share. Unilever appreciated by N2.50 to close at N55 per share, while Nigerian Breweries rose by 80k to close N113.10 per share.

Read Also: Stock market opens 2018 second half in red amid selloffs in Dangote Cement, GTBank

Redstarex garnered 50k to close at N6.50 per share, while Custodian gained 38k to close at N5.50 per share.

Mutiverse emerged investors’ toast at the market, trading 100 million volume of shares valued at N20 million. It was trailed by Zenith Bank which transacted 16.49 million shares worth N403.28 million, while Guaranty Bank exchanged 13 million equities valued at N515.96 million.

Access Bank traded 12.90 million shares worth N133.02 million, while FBN Holdings bought and sold 10.81 million equities valued at N113.96 million.

In all, investors transacted 257.39 million volume of shares valued at N2.65 billion in 3,932 deals, this is slightly higher than the 256.23 million volume of shares worth N1.86 billion exchanged in 3,308 deals in the preceding session.

 

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