Home > Breaking news > NSE Index Dips 0.70% As Investors Lose N67.6 billion

NSE Index Dips 0.70% As Investors Lose N67.6 billion

Stocks trading at Nigeria’s Stock Exchange (NSE) on Friday relapsed from previous marginal growth with a 0.70 percent decline in the Nigerian Stock Exchange (NSE) All-Share Index (ASI) to close at 27,835.22 points, bringing the year to date returns to -2.82 percent.

Consequently, investors on the Nigerian equities market lost N67.6 billion as market capitalization closed at N9.561 trillion against N7.7 billion gained on Thursday when market capitalization closed at N9.628 trillion. The turn in market indices was as a result of profit taking in some blue chip and mid cap stocks, led by Guinness Nigeria Plc having Plc lost 9.74 percent or N9.54 to close at N88.45 per share, Cap

Hotel Plc dropped 4.91 percent or 19 kobo to close at N3.68 per share, Wapco Plc also depreciated by 4.84 percent or N2.40 to close at N47.20 per share. Zenith Bank Plc came fourth on the losers list having shed 4.82 percent or 72 kobo of its share price to close at N14.23 per share, while Neimeth Pharmaceuticals Plc depreciated 4.44 percent or 4 kobo to close at 86 kobo per share. Other equity losers were A.G leventis Plc, Nestle Nigeria Plc, Guaranty Trust Bank Plc, Fidelity Bank Plc and VItafoam Plc.

Nascon Allied Industries, Dangote Sugar, Eco Transnational Incorporated, Eterna and Nigerian Breweries also recorded losses of varying degrees at the close of the day’s trade. On the other hand, Union Bank Plc topped the day’s 13 equity gainers following a gain of by 5.03 percent or 23 kobo to close at N4.80 per share, followed by NEM Insurance Plc that appreciated 4.94 percent or 4 kobo to close at 85 kobo per share, Africa Prudential Registrars Plc likewise grew by 4.81 percent or 13 kobo to close at N2.83 per share, Aiico Insurance Plc came fourth with an increase of 3.17 percent or 2 kobo to close at 65 kobo per share and United Capital gained 2.03 percent or 5 kobo to close at N2.51 per share.

Market activity as measured by Volume and Value traded in 3,048 deals, settled at 200.8 million units and N921.6 million respectively compared to 348.8 million units and N2.645 billion traded previously. Trading in the Top Three equities were Diamond Bank Plc with the sale of 76 million shares worth N96.4 million. UCAP Plc came second following the sale of 23.6 million units of shares valued at N62.3 million and Fidelity Bank Plc sold 21.5 million units worth N20 million.

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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