Home Markets Stock market reverses gain, dips 0.5%

Stock market reverses gain, dips 0.5%


Equity trading on the floor of Nigerian Stock Exchange (NSE) on Wednesday slipped back to negative stance, erasing the previous gain by 0.5 percent at the close of the session for the day.

The benchmark indices of the All-Share Index performance of NSE shed 233.96 absolute points or 0.5 percent loss to close at 42,839.49 points, representing a one-week loss of 0.26 percent, a 4-week gain of 1.58 percent, and an overall year-to-date gain of 12.02 percent.

Similarly, the market capitalization saw equity investors loosing N8 billion to close at N15.32 trillion from the opening value of N15.40 trillion the nation’s bourse commenced trading for the day.

Checks on the trading statistics reflected that 105 equities participated in trading, ending with 15 gainers and 42 losers.

Nestle Nigeria Plc and for the second day running emerged the biggest losers’ at the end of trading, shedding N20 or 1.43 percent. From the opening value of NN1, 400.00, the food and beverages giant closed lower at N1, 380 per share.

It was trailed by Total Oil Nigeria Plc with a loss of N3.00 or 1.20 percent to close at N246.00 from N249.00 per share; Cadbury Nigeria Plc dipped 85 kobo or 4.7u4 percent to close at N17.10 as against N17.95 it closed on Tuesday.

Eternal Oil Plc and Afriproducts slipped 85 kobo and 21 kobo to close at N17.10 and N4.16 respectively.

Despite the bearish outlook of the market, Glaxosmithkline Nigeria Plc led on the gainers’ table with value addition worth 10 kobo or 48 percent to close at N21 from N20.90 per share.

Stanbic IBTC followed with 55 kobo gain or 1.13 percent to close at N49.15 from N48.60 per share, Dangote Cement Plc was up 40 kobo or 15 percent to close at N268.80 from N268.40 per share.

Fidson Nigeria Plc added 25 kobo, translating to 4.90 percent to close at N5.14 against N4.90 per share, while UAC-Property Nigeria Plc added 15 kobo or five percent to close at N1.05 from N1.00 per share.

In all, investors staked 373.51 million shares valued at N6.84 billion traded in 5,220 deals.

The Naira at the inter-bank market closed at N305.75 unchanged from Tuesday’s closing price, the Investors and Exporters (I&E) FX window opened at N360.01, traded high at N361.00 and eventually closed at N360.25 representing 0.01 percent appreciation against yesterday’s closing price.