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Losses drag NSE index down by 0.8%

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IMAGE: Dangote Cement Plc »


Losses by 31 equities including highly capitalised companies such as Dangote Cement Plc and Access Bank Plc on Wednesday led the major market indicators lower.

Skye Shelter Fund led the losers with a five per cent or N4.75 decline, which saw it close at 90.25.

It was followed by Royal Exchange Plc and Union Bank of Nigeria Plc, which fell by 4.92 per cent and 4.82 per cent to close at 58 kobo and N8.30 per share, respectively.

Highly capitalised companies, which recorded losses on Wednesday, include Forte Oil Plc, Ecobank Transnational Incorporated Plc and Nigerian Breweries Plc.

Forte Oil declined by 2.96 per cent or N6.93 to close at N227.07 per share, while ETI and Nigerian Breweries fell by 2.51 per cent each to close at N17.45 and N174.99 per share, in that order.

Also, Dangote Cement and Oando Plc fell by 0.84 per cent and 0.74 per cent to close at N226.08 and N26.70 per share, respectively.

As a result of the losses, the Nigerian Stock Exchange All Share Index fell by 339.54 basis points or 0.8 per cent to close at 41,753.19 basis points, while the market capitalisation of the listed equities shed N112bn or 0.8 per cent to close at N13.787tn.

The NSE 30 Index, which tracks the performance of the 30 most capitalised companies on the Exchange, fell 16.44 basis points or 0.86 per cent to close at 1,903.45 basis points, compared to an appreciation of 4.55 basis points or 0.23 per cent, which lifted it to 1,919.89 basis points the previous day.

Investors exchanged a total of 245.964 million shares worth N2.973bn in 4,633 deals on Wednesday with the banking sub-sector dominating the activity chart in terms of volume traded.

In the sub-sector, 79.253 million equities worth N1.125bn were traded in 1,489, accounting for 32.26 per cent of total turnover.

Seventeen stocks recorded price appreciation led by Premier Breweries Plc, which gained 8.70 per cent or eight kobo to close at N1 per share.

AIICO Insurance Plc rose by five per cent or four kobo to close at 84 kobo per share, while Livestock Feeds Plc and Pharma Deko Plc gained 4.89 per cent and 4.83 per cent to close at N3.22 and N2.17 per share, respectively.

Article Credit: Punchng

Updated 4 Years ago

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Tags:     Dangote Cement Plc     Royal Exchange Plc     Forte Oil     AIICO Insurance Plc