Investors at the
Nigerian Stock Exchange (NSE) recorded additional losses at the close
of trading session on Tuesday, as market measuring parameters plunged,
making it the fourth day of downward trend.
The Exchange market
capitalisation of the 201 First-Tier equities closed yesterday at
N8.442 trillion after opening the day at N8.525 trillion, reflecting
0.97 per cent decline or over N83 billion losses. Meanwhile, about N165
billion has been lost in the last four trading days.
Commenting on
Tuesday’s trading, analysts at BGL Securities, one of the stockbroking
firms that just met the N70 million minimum capital base requirements
instructed by the NSE, said, “The lull in the market lingers as it
begins to reflect on some stocks that seemed to start the day bullish
(positive).”
Market watchers
also said that the Exchange has been recording negative trend because
investors’ confidence has not fully returned to the bourse following
the recent activities by some profit takers.
Low gainers
The number of
gainers at the close of trading session on Tuesday closed lower at 18
stocks while losers closed higher at 39 stocks.
First Bank and
Seven-Up Bottling Company topped the price gainers’ table with an
increase of five per cent and 4.98 per cent, to close at N15.75 and
N42.99 per share, respectively. On the flip side, Bagco and Afribank
led the price losers’ chart with a loss of five per cent each, to close
at N3.04 and N2.85 per share.
Zenith Bank was the most traded stock for the day with 127.688 million volumes of shares, valued at over N2.009 billion.
Active sectors
The Banking
subsector led the most active subsectors’ chart with 301.933 million
volumes of shares, valued at over N3.408 billion. Volume in the
subsector was driven by Zenith Bank, First Bank, Finbank, and Sterling
Bank.
Trading activities
in the Insurance subsector followed, with 11 million shares valued at
N11.934 million. Deals in shares of Aiico Insurance, Guaranty Trust
Assurance, Lasaco Assurance, and NEM Insuarnce boosted volume in this
subsector.
The Food/Beverages
subsector was third in the chart with 5.973 million volumes of shares,
valued at over N211.126 million. Volume in the subsector was driven by
Dangote Flour Mills, Dangote Sugar Refinery, Flour Mills Nigeria, and
UTC Nigeria.
Meanwhile, the NSE
said Securities Solutions Limited, one of the suspended stockbroking
firms, has met the new capital base requirements. Eleven other firms
have complied since the sanction last month.
