Business

Bears sustain grip as investors lose N23bn

˜NSE restates support for SMEs

The Nigerian equities market yesterday tumbled for the third consecutive trading day as sell pressure continued following crave for capital gains. This is just as the Nigerian Stock Exchange (NSE) assured of its continued support for the growth and development of small businesses in Nigeria. The most recent of these efforts was the webinar hosted by the Exchange yesterday themed: “Capital Raising for SMEs through the Stock Exchange.”

Meanwhile, the market breath closed negative, producing 27 losers against 19 gainers. Key market indicators, the NSE ASI, declined by 0.10 per cent as bargain hunters continued to leverage on the past gains recorded last week to take profits. Consequently, the All- Share Index dipped 43.78 basis points or 0.10 per cent to close at 42,000.01 as against 42,043.79 recorded the previous day while the market capitalisation of equities depreciated by N23 billion or 0.10 per cent to close at N21.970 trillion from N21.3993 trillion. Meanwhile, a turnover of 504.99 million shares exchanged in 5,889 deals was recorded in the day’s trading.

The banking sub-sector was the most active during the day (measured by turnover volume); with 163.44 million shares exchanged by investors in 852 deals. Volume in the sub-sector was largely driven by activities in shares of UBN Plc and GTBank Plc. The premium sub-sector boosted by activities in shares of Zenith Bank Plc and UBA Plc followed with a turnover of 91.09 million shares traded in 1,638 deals.

Shares of NCR Plc led the gainers chart, appreciating by 9.94 per cent to close at N3.43 per share. CHI Plc followed with a gain of 9.52 per cent to close at 46 kobo per share while Prestige Assurance Plc gained 9.09 per cent to close at 48 kobo per share.

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