Business

NSE extends decline by N16bn

Equity trading on the floor of the Nigerian Stock Exchange yesterday witnessed another drop in prices as bears sustained their grip on the local bourse following profit taking by investors.

The local bourse recorded only 43 gainers and 21 losers apiece to sustain downward trend. Consequently, the All- Share Index dipped 30.75 basis points or 0.07 per cent to close at 41,051.63 index points as against 41.082.38 recorded the previous trading session while market capitalisation of equities depreciated by N16 billion from N21.490 trillion the previous day to N41.474 trillion as market sentiment remained on the negative territory.

Meanwhile, a turnover of 912.86 million shares exchanged in 5,076 deals was recorded in the day’s trading. The insurance sub-sector was the most active (measured by turnover volume); with 142.41 million shares exchanged by investors in 642 deals.

Volume in the sub-sector was largely driven by activities in shares of AXAMansard Insurance Plc and Linkage Insurance Plc. Also, the premium subsector boosted by activities in shares of Zenith Bank Plc and Access Bank Plc followed with a turnover of 86.51 million shares in 1,608 deals.

Further analysis of the day’s trading showed that in percentage terms, Afromedia Plc, Guinea Insurance Plc, NEM Insurance Plc, Prestige Assurance Plc, Union Dicon Plc and Wapic Insurance Plc topped the day’s gainers’ table by 10 per cent each to close at 22 kobo, 22 kobo, N2.53, 55 kobo, 33 kobo and 66 kobo per share respectively while Livestock Feeds Plc followed with 9.91 per cent to close at N2.35 per share. AIICO Insurance Plc added 9.85 per cent to close at N1.45 per share.

 

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