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Stock market index drops to the lowest in 4 months



Inflation drops to 11.25 percent in March

The Nigerian Stock Exchange (NSE) All-Share Index (ASI) on Friday dropped to its lowest points in more than four months, amid depreciation in banking and consumer goods shares.

The local bourse, which has been on decline for fifth straight trading sessions, closed the week at -1.01%.

The benchmark index of the NSE which opened at 39,723.85 points fell to 39,323.62 points, slightly above its points in January 4, 2018, with 42 losers against 12 gainers.

Market capitalisation of traded equities fell to N145 billion to close at N14.244 trillion against N14.389 trillion recorded in the previous trading day.

Guinness led the gainers’ chart with N4 drop in share price to close at at N100 per share. Unilever and Flourmill both shed N1.50 to close at N49 and N29.50, respectively.

Julius Berger depreciated by N1.45 while Glaxosmith dropped N1.05.

Conversely, MRS led the advancers’ chart with N1.70 appreciation in price to close at N36.05 per share. UACN followed with 55k to close at N15.05, while Fidson Healthcare, Ikeja Hotel and Sterling Bank gained 25k, 23k and 6k to close at N5.95, N2.58 and N1.35 per share, respectively.

FCMB was the most traded stock recording 44,016,928 volume of shares valued at N98.29 million. Zenith Bank followed with 22,211,619 shares worth at N590.59 million, while UBA traded 21,427,954 shares valued at N228.17 million.

Regency Alliance transacted 20,810,000 volume of shares worth N5.41 million, while FBN Holdings sold 19,987,614 shares valued at N194.09 million.

In all, investors exchanged 295,996,513 shares valued at N2.95 billion in 4,911 deals against the 256.43 million shares worth N2 billion traded in 4,111 deals on Thursday.

Ambrose Omordion, Chief Operating Officer, InvestData Ltd, said the decline was greatly caused by exits of foreign portfolio investors.

According to Omordion, foreign portfolio investors were exiting local assets and running for safety as “political risks” against the 2019 general elections were beginning to play out.


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