NSE market indices drop further by 0.29 percent

The market indicators of the Nigerian Stock Exchange (NSE) on Tuesday slipped further by 0.29 per cent due to price loses posted by some highly capitalised stocks.

The All-Share Index lost 79.68 points or 0.29 per cent to close at 27,555.31 against 27,634.99 recorded on Monday.

Similarly, the market capitalisation which opened at N9.492 trillion shed N28 billion or 0.29 per cent to close at N9.464 trillion.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the development to investors’ reaction to the high inflation figure.

Omordion also said that investors were reacting to the suspension of overseas Automated Teller Machine card services and online transactions dominated in foreign currencies.

He said that the pronouncement had led to cautious trading on the nation’s bourse as well as earnings reports expectations.


A breakdown of the price movement chart indicated that Seplat recorded the highest loss to lead the losers’ table, declining by N19 to close at N361 per share.

Nestle trailed with a loss of N5.57 to close at N800 and Guinness depreciated by N3.18 to close at N79.11 per share.

UACN shed N1 to close at N19.40 and Glaxosmithkline lost 87k to close at N16.61 per share.


On the other hand, Total led the gainers’ table, growing by N14.47 to close at N303.97 per share.

Beta Glass followed with a gain of N1 to close at N31 and Nigeria Breweries garnered 95k to close at N145 per share.

PZ Industries increased by 40k to close at N18.40, while Okomu Oil grew by 39k to close at N40.50 per share.

Ecobank Transnational was investors’ delight having accounted for 81.65 million shares worth N865.42 million.

FBN Holdings came second with a turnover of 10.58 million shares valued at N31.96 million, while United Bank for Africa traded 7.38 million shares worth N31.15 million.

Transcorp sold 6.98 million shares valued at N7.04 million and Fidelity Bank exchanged a turnover of 5.70 million shares worth N4.85 million.

In all, investors bought and sold a total of 154.16 million shares valued at N1.62 million transacted in 2,510 deals.

NAN reports that this was against the 255.81 million shares worth N778.44 million achieved in 2,588 deals on Monday.