Nigerian Equities drop 0.16% to reverse gain

Employees work on the trading floor at the Nigerian Stock Exchange (NSE) in Lagos, Nigeria, on Tuesday, April 2, 2019. The International Monetary Fund said Nigerias economy was growing too slowly to reduce poverty or joblessness and urged the government to boost revenue and scrap its system of multiple exchange rates. Photographer: Ruth McDowell/Bloomberg via Getty Images

Trading activities on the nation’s equities market yesterday closed bearish as negative sentiments reversed the previous day’s gain.

At the close of trading session, market breadth also closed negative, recording seven gainers against 13 losers.

Consequently, the All-Share Index dipped 43.79 basis points or 0.16 per cent to close at 26.513.65 index points as against 26.557.44 recorded the previous day while market capitalisation of equities depreciated by N22 billion from N12.928 trillion the previous day to N12.906 trillion as market sentiments remained on the negative territory.

Meanwhile, a turnover of 174.4 million shares exchanged in 2,484 deals was recorded in the day’s trading.

The premium sub-sector was the most active (measured by turnover volume); with 96.3 million shares exchanged by investors in 938 deals.

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

Also, the banking sub-sector, boosted by activities in the shares of GTBank Plc and Sterling Bank Plc, followed with a turnover of31.8 million shares in 358 deals.

Further analysis of the day’s trading showed that in percentage terms, Nacho Nigeria Plc topped the day’s gainers’ table with 5.15 per cent to close at N2.45 per share while Cement Company of Northern Nigeria (CCNN) Plc followed with 4.28 per cent to close at N15.85 per share. United Capital Plc added 3.45 per cent to close at N2.10 per share.

On the flip side, GSK Nigeria Plc led the losers with a drop of 9.86 per cent to close at N6.40 per share while Courtville Business Solutions Plc shed 9.09 per cent to close at 20 kobo per share. Union Dicon Nigeria Plc trailed with 8.33 per cent to close at 22 kobo per share.

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