Nigeria Stock All Share Index down 0.51%, as newly listed Medview Airlines tops activity chart

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The Nigerian Equities market dropped for the third consecutive trading session by 0.51 percent, as newly listed company, Medview Airlines emerged the most actively traded stock on Wednesday.

Investors’ optimism measured by market breadth remained negative with the number of equities on the gainers’ chart (9) being significantly lower than those on the losers’ chart (27).

Consequently, the Nigerian Stock Exchange’ All Share Index (NSEASI) and Market Capitalization lessened by 0.51 percent , bringing the Year-to Date return to -3.61 percent.

The Nigerian Stock Exchange’ All Share Index (NSEASI) for February 1, 2017 closed at 25,903.55, which is a 0.51 percent or 132.69 points decrease from previous session’s 26,036.24.

Market Capitalization closed at N8.927 trillion against previous close of N8.973 trillion which also represents a decrease of 0.51 percent or a decline of N46 billion.

Medview Airlines emerged as the most actively traded stock for the day with 72.5 million units of shares, worth N109.2 million, Paints and Coatings Manufacturing (Paintcom) was next with 58.7 million units valued at N61.6 million and Diamond Bank was third with 43.1 million units of shares valued at N40.6 million. Standard Trust Alliance (STACO) was the fourth most traded stock with 20 million units valued at N10 million while Fidelity Bank emerged fifth on the day’s top traded list with 18.3 million units of shares at N16.6 million.

The 305.0 million units of shares traded by investors for the day was 48 percent greater than previous session’s 205.8 million units, while value of equities traded for the day declined 42.9 percent from previous session’s N2.8 billion to N1.6 billion which was recorded for the day.

Following the release of the company’s results on Tuesday, Forte Oil’s share price closed at N67.66, having dropped 5 percent to lead the day’s declining stocks. Guinness and Unilever Nigeria followed with a depreciation of 4.99 percent each to close at N60.95 and N33.73 respectively, Tourist company shed 4.89 percent to close at N3.50 while Neimeth decreased 4.62 percent to close at 62 kobo per share.

The day’s gainers list was topped by WAPCO with 8.27 percent to close at N44.40 percent, Caverton followed with a growth of 4.00 percent to close at 78 kobo per share while Access Bank added 3.18 percent to close at N6.81 per share. Unity Bank increased 2.56 percent to close at 80 kobo and UBA gained 2.31 percent to close at N4.88 per share.

The day’s transactions were carried out in 2,620 deals lower than 2,914 deals recorded in Tuesday’s session.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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