NSE records third day loss with N138bn

The Nigerian equity market yesterday tumbled for the third consecutive trading day as sell pressure remains unabated, producing 18 losers against 10 gainers.

Key market indicators, the NSE ASI, declined by 0.91 per cent as bargain hunters sustained profit takings.

Consequently, the All-Share Index dipped 69.19 basis points or 0.91 per cent to close at 29,110.90 as against 29.378.63 recorded the previous day while the market capitalisation of equities depreciated by N138 billion or 0.91 per cent to close at N14.994 trillion from N15.138 trillion.

Meanwhile, a turnover of242.7 million shares exchanged in 3,556 deals was recorded in the day’s trading.

The premium sub-sector was the most active during the day (measured by turnover volume); with 92 million shares exchanged by investors in 1,385 deals.

Volume in the sub-sector was largely driven by activities in the shares of UBA Plc and Zenith Bank Plc.

The banking sub-sector boosted by activities in the shares of Fidelity Bank Plc and GTB Plc followed with a turnover of 41.5 million shares traded in 527 deals.

Shares of Lasaco Insurance Plc led the gainers chart, appreciating by 7.69 per cent to close at 28 kobo per share. AIICO Insurance Plc followed with a gain of 6. 33 per cent each to close at 84 kobo per share while Flour Mills Nigeria Plc gained 5.67 per cent to close at N22.35 per share.

On the flip side, shares of BOC Gases Plc led the losers with a loss of 9.09 per cent to close at N4.50 per share. NEM Insurance Plc plunged 8.33 per cent to close at N2.20 per share while AXA-Mansard Insurance Plc dropped 6.10 per cent to close at N2.00 per share.

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