Business

NSE halts gaining streak, loses N4bn

Key performance indices, the NSE All Share Index (ASI) and market capitalisation, yesterday fell by 0.03 per cent to halt three days gaining streak as profit taking hits the equities market following investors crave to increase capital gains. Driven by a decline in value of blue chip companies, the market closed the trading day on a negative note. Consequently, the All- Share Index dropped by 7.63 basis points or 0.03 per cent to close at 25,597.96 basis points as against 25,605.59 recorded the previous day while the market capitalisation of equities depreciated by N4 billion or 0.03 per cent to close at N13.354 trillion from N13.358 trillion as market sentiment returned to the red zone. Meanwhile, a turnover of 245.14 million shares exchanged in 3,597 deals was recorded in the day’s trading.

The premium sub-sector was the most active during the day (measured by turnover volume); with 96.26 million shares exchanged by investors in 1,317 deals. Volume in the sub-sector was largely driven by activities in shares of Zenith Bank Plc and FBNH Plc.

The banking sub-sector boosted by activities in shares of Fidelity Bank Plc and GTBank Plc followed with a turnover of 64.86 million shares in 677 deals. Ikeja Hotels Plc led the gainers’ table with a gain of 9.52 per cent to close at 92 kobo per share while UAC-Property Plc followed with a gain of 9.20 per cent to close at 95 kobo per share. Cornerstone Insurance Plc added 6.45 per cent to close at 66 kobo per share. On the other hand, NPF MFB Plc led the price losers’ table, dropping 9.45 per cent to close at N1.25 per share. Union Dicon Nigeria Plc followed with 7.41 per cent to close at 25 kobo per share while Red Star Express Plc trailed with a loss of 6.13 per cent to close at N3.52 per share.

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