Business

N232bn share price decline hits NSE

Trading in equities on the floor of the Nigerian Stock Exchange yesterday witnessed another drop in share prices for the fourth trading session as bears sustained their grip following profit taking by investors.

The local bourse recorded only six gainers and 40 losers to sustain the downward trend. Consequently, the All- Share Index dipped 444 basis points or1.27 per cent to close at 34,577.26 index points as against 35,021.26 recorded the previous trading session while market capitalisation of equities depreciated by N232 billion from N18.304 trillion the previous day to N18.072 trillion as market sentiment remained on the negative territory. Meanwhile, a turnover of 553.95 million shares exchanged in 6,441 deals was recorded in the day’s trading.

The premium sub-sector was the most active (measured by turnover volume); with 175.38 million shares exchanged by investors in 2,612 deals. Volume in the sub-sector was largely driven by activities in shares of Zenith Bank Plc and FBNH Plc. Also, the banking subsector boosted by activities in shares of GTBank Plc and Fidelity Bank Plc followed with a turnover of 154.25 million shares in 1,245 deals. Further analysis of the day’s trading showed that in percentage terms, Okomu Oil Plc topped the day’s gainers’ table with 10 per cent to close at N88.00 per share while Mutual Benefits Assurance Plc followed with 9.09 per cent to close at 24 kobo per share. FTN Cocoa Plc added 8.11 per cent to close at 40 kobo per share.

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