Stock market reopens bearish, down by 0.02%

Following price losses recorded by major highly capitalised stocks, transactions on the equity sector of the Nigerian Stock Exchange (NSE), reopened on a downturn yesterday, causing the All-share index to depreciate marginally by 0.02 per cent.

Specifically, at the close of trading yesterday, the All-share index lost 8.76 points or 0.02 per cent to close at 36,930.83 compared with 36,939.59 achieved on Friday, due to price loses.

Also, market capitalisation, which opened at N12.784 trillion dipped N3 billion or 0.02 per cent to close at N12.781 trillion.An analysis of yesterday’s trading showed that Total led the losers’ chart with a loss of N11 to close at N225 per share. 7UP followed with a drop of N2 to close at N88 per share. International Breweries was down by N1.65 to close at N45.20 per share.

Flour Mills declined by 97 kobo to close at N34.50 per share, UACN dropped by 62 kobo to close at N34.50 per share.On the other hand, Guinness emerged the day’s highest price gainer, adding N2 to close at N102 per share. Guaranty Trust Bank followed with a gain of 54 kobo to close at N41.75 per share. United Capital gained 22 kobo to close at N3.38 per share.

Eterna Oil garnered 20 kobo to close at N4.25 per share. Cadbury increased by 17 kobo to close at N10.28 per share.Volume of shares transacted rose by 29.21 per cent as investors bought and sold 466.52 million shares valued at N2.90billion achieved in 4,274 deals.

This was in contrast with a turnover of 361.05 million shares worth N3.68 billion traded in 4,396 deals on Friday.Jaiz Bank was the most active stock during the day, trading 226.77 million shares valued at N133.81 million. FBN Holdings followed with 43.48 million shares worth N304.95 million, while Transcorp traded 27.23 million shares valued at N40.56 million.Africa Alliance Insurance exchanged 20 million shares worth N10 million, while Diamond Bank sold 18.24 million shares valued at N21.09 million.

By Helen Oji

The Guardian Newspaper November 7th, 2017

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