Connect with us

Economy

Nigeria bourse drops further by N20bn, amid insecurity concerns

Published

on

Transactions on the Nigeria bourse on Tuesday closed negative with a decline of N20 billion, extending bearish sentiment for the second day running.

The Nigeria News Agency reports that the market capitalisation shed N20 billion to close lower at N13.158 trillion against N13.178 trillion achieved on Monday.

Also, the All Share Index (ASI) dipped 42.26 points or 0.16 per cent to close at 27,047.58, compared with 27,089.84 posted on Monday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, among which are Nestle Nigeria, Cement Company of Northern Nigeria (CCNN), Dangote Cement, Forte Oil and UAC of Nigeria (UACN).

The Chief Operating Officer, InvestData Ltd., Mr Ambrose Omordion,  attributed the decline to persistent sell pressure, caused by investors concerns over the socio-political and economic situation in the country.

Omordion also attributed the development to issues relating to heightening insecurity in the country.

“We expect this trend to continue as bargain hunters take advantage of low valuation to trigger buying interest once the direction is given through economic policies,” he said.

However, market breadth closed positive, with 18 gainers compared with 12 losers.

Thomas Wyatt Nigeria led the losers’ chart by 9.52 per cent, to close at 38k per share.

Continental Reinsurance followed with a decline of 7.36 per cent to close at N1.51, while CCNN lost 6.61 to close at N16.25 per share.

University Press dipped 6.25 per cent to close at N1.05, while UACN shed 6.06 per cent to close at N6.20 per share.

Conversely, UACN Property Development Company recorded the highest price gain of 9.26 per cent, to close at N1.18, per share.

FBN Holdings followed with a gain 7.53 per cent to close at N5, while Dangote Flour Mills appreciated by 5.95 per cent to close at N22.25 per share.

Wapic Insurance appreciated by 5.41 per cent to close at 39k, while Courteville Business Solution appreciated by 4.76 per cent to close at 22k per share.

In spite of the drop in market indices, the total volume of shares traded rose by 25.38 per cent with an account of 364.22 million shares worth N4.86 billion traded in 4,629 deals.

This was in contrast to a total of 290.49 million shares, valued at N4.29 billion achieved in 2,900 deals on Monday.

Transactions in the shares of Guaranty Trust Bank topped the activity chart with 78.64 million shares valued at N2.115 billion.

Courteville Business Solution followed with an exchange of 49.02 million shares worth N10.70 million, while Access Bank traded 43.88 million shares, valued at N301.92 million.

Zenith Bank sold 40.3 million shares worth N732.93 million, while FBN Holdings transacted 36.51 million shares valued at N179.85 million.
JNC/IKU/SN

Edited by Tayo Ikujuni/Silas Nwoha

Contact US: editor[at]nnn.com.ng, nnnnews247[at]gmail.com

Recent Posts

February 2020
MTWTFSS
« Jan
12
3456789
10111213141516
17181920212223
242526272829

NNN News Nigeria: NNN is an online Nigeria news portal that publishes breaking news in politics, business, entertainment, sport, security, features, opinion, environment, education, technology, and the world news at large. NNN publishes only news that is factual, credible, verifiable, authoritative and investigative. NNN is a media subscriber of the News Agency of Nigeria. NNN is a unique media organization that is founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favor. Contact: editor[at]nnn.com.ng

© 2014 - 2019 NNN News Nigeria. All Rights Reserved.

editor[at]nnn.com.ng