Home Business News Panic sell-offs drag down market indices by 0.62%

Panic sell-offs drag down market indices by 0.62%


The equities segment of the Nigerian Stock Exchange (NSE) closed the third trading session of the week negatively, losing 0.62 percent due to the losses recorded by companies with strong liquidity.

In specific terms, the benchmark indices of All-Share Index (ASI) lost 218.89 absolute points or 0.62 percent to close at 35,069.34 as against 35,288.23 it commenced trading.

At the close of trading session for the day, Nestle led the pack of losers topping with N60 price crash translating to 3.85 percent to close at N15 per share. The share price of Berger Paints declined seven kobo or 9.73 percent to close at N6.5 per share, while Zenith Bank lost five kobo or 2.13 percent to close at N23 per share.

Airservice dipped 45 kobo or 9.09 percent to close at N4.5 per share and Oando came last in the top five losers’ ranking. The oil and gas giant suffered 45 kobo which translated to nine percent to close at N4.55 per share.

Despite the losses, trading figures showed that Total came first on the gainers table with share price appreciation of N5.00 representing 2.70 percent to close at N190 per share. FBN Holdings trailed with three kobo or 3.14 percent to close at N9.85 per share, while Forte Oil added 15 kobo or 0.65 percent to close at N23.15 per share.

May and Baker recorded seven kobo appreciation or 3.07 percent to close at N2.35 per share, while Linkage Assurance added six kobo or 9.68 percent to close at 68 kobo per share.

At the close of trading for the day, United Bank for Africa Plc (UBA) emerged the toast of investors. Investors bought and sold 28.26 million shares valued at N255.39 million. Zenith traded a volume of 22.39 million shares at N518.40 per share. First City Monument Bank traded 21.40 million shares valued at N38.66 million.

Guaranty Trust Bank and Transnational Corporation (Transcorp) traded 20.64 and 14.72 million shares valued at N785.66 and N16.31 million respectively.

In all, investors bought and sold 209.50 million shares valued at N2.90 billion exchanged in 4,044 deals