Blue chips post price depreciation on NSE
The bears regained control on the Nigerian Stock Exchange (NSE) on Wednesday as major blue chips posted price depreciation, the News Agency of Nigeria (NAN) reports.
Seplat and Dangote Cement led the losers’ table with a loss of N5 each to close at N615 and N200 per share respectively.
CAP decreased by N2.05 to close at N30.95, while UACN went down by N1 to close at N10 per share.
GlaxosmithKline dipped 50k to close at N13.50 per share.
Consequently, the All-Share Index shed 284.83 points or 0.87 per cent to close at 32,437.35 compared with 32,722.18 achieved on Tuesday.
Also, the market capitalisation, which opened at N11.946 trillion, lost N104 billion or 0.87 per cent to close at N11.842 trillion.
Market analysts said that rebound experienced in the market on Tuesday could not be sustained due to fear and uncertainties by investors.
They said that many investors were still very cautious due to weak and mixed macro-economic indicators, as well as fears surrounding the 2019 general elections.
Conversely, Guaranty Trust Bank led the gainers’ table by 35k to close at N37 per share.
AfriPrudential followed with a gain of 20k to close at N4.20, while Cutix grew by 17k to close at N2.20 per share.
Continental Insurance rose by 13k to close at N1.48, while Oando increased by 10k to close at N5.10 per share.
In all, 240.76 million shares valued at N3.66 billion achieved in 2,974 deals was traded as against the 662.02 million shares worth N5.31 billion exchanged in 2,974 deals on Tuesday.
The lower trading, however, 63.63 per cent drop in the volume of shares traded.
Zenith Bank was the most active stock during the day, trading 87.05 million shares valued at N1.98 billion.
United Bank for Africa accounted for 68.370 million shares worth N560.36 million, while Fidelity Bank sold 15.93 million shares valued at N29.58 million.
Sterling Bank traded 12.99 million shares worth N19. 48 million, while Guaranty Trust Bank exchanged 6.45 million shares valued at N236.64 million. (NAN)