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NSE Market Indices Drop Further By 0.95%

Trading on the Nigerian Stock Exchange (NSE) on Wednesday remained on a downward trend with the market indicators dropping further by 0.95 per cent due to price loses by major blue chips.

The All-Share Index lost 268.53 points or 0.95 per cent to close at 28,009.40 against 28,277.93 achieved on Tuesday. Also, the market capitalisation which opened at N9.712 trillion, shed N92 billion or 0.95 per cent to close at N9.620 trillion. Market analysts attributed the trend to profit taking by traders due to the nation’s negative economic data. They said that the market would witness a reversal if the expected third quarter results were in line with investors expectations.

Forte Oil led the losers’ chart, declining by N7.40 to close at N158.50 per share. It was trailed by PZ Industries with a loss of N2.10 to close at N18.69, while Dangote Cement dipped by N1.99 to close at N181.01 per share. Unilever lost N1.10 to close at N45.90 and Flour Mills depreciated by N1.05 to close at N20.05 per share. On the other hand, 7UP topped the gainers’ table, increasing by N6.80 to close at N145.80 per share.

Okomu Oil followed with a gain of N1.90 to close at N39.90 and Transcorp Hotel improved by 25k to close at N5.28 per share. Dangote Sugar increased by 15k to close at N6.50, while Oando chalked up 13k to close at N5.60 per share. An analysis of the activity chart indicated that Access Bank emerged the most active in volume terms, accounting for 29.96 million shares worth N164.49 million. FCMB Group came second with an exchange of 26.61 million shares valued at N30.76 million and Zenith Bank traded 20.88 million shares worth N316.44 million. UBA exchanged 19.16 million shares valued at N77.38 million, while investors staked N15.42 million on 17.08 million shares of Fidelity Bank.

About Editor

Otunba Sayo Akintola is a 1992 graduate of Linguistics from the University of Ibadan, Oyo State. He holds a post-graduate diploma in Financial Management and MBA from Abubakar Tafawa Balewa University, Bauchi. He started his 12-year sojourn in journalism at the Nigerian Tribune in 1993 as Business and Economy reporter. He rose through the ranks to become the Group Business Editor of the nation’s oldest surviving private national newspaper, the Nigerian Tribune. He set up World Street Journal magazine in 2018.

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