NSE Index Sheds N90 billion Again on Persistent Bearish Run

Posted by Lolade on Fri 10th Jul, 2015 - tori.ng

The All-Share Index of the NSE on Thursday, July 9, dropped to 31,000 mark due to sell pressure and the lingering bearish trend.

The bearsh trend rocking the Nigerian Stock Exchange, NSE, has remained as the All-Share Index of the NSE on Thursday, July 9, dropped to 31,000 mark due to sell pressure. The index shed 263.50 points or 0.82 per cent to close at 31,768.23.

This marked the lowest in the year against 32,031.73 posted on Wednesday, July 9, due to huge loses. Also, the market capitalization which opened at N10.934 trillion lost N90 billion or 0.82 per cent to close at N10.844 trillion.

A breakdown of the price movement chart indicated that Forte Oil topped the laggards’ chart, declining by N9.74 to close at N185.24 per share. Guinness trailed with a loss of N7.31 to close at N138.93, while Seplat declined by N4.89 to close at N330.11 per share7UP lost N3.60 to close at N188, while Lafarge dropped N1.89 to close at N101.11 per share.

Conversely, Oando led the gainers’ table, growing by 38k to close at N14.69 per share. Cement Company of Northern Nigeria followed with a gain of 31k to close at N11.49, while Dangote Cement inched 30k to close at N168.30 per share.

Ikeja Hotel gained 27k to close at N4.10, while Stanbic IBTC went up by 26k to close at N25.01 per share. Zenith Bank for the third consecutive day remained investors’ delight, trading 72.02 million shares worth N1.37 billion in 271 deals.

Access Bank came second with 25.62 million shares valued N134.49 million traded in 225 deals, while FCMB Group accounted for 14.85 million shares worth N43.73 million achieved in 58 deals. GT Bank exchanged 13.55 million shares valued N353.95 million exchanged in 402 deals and Fidelity Bank sold 11.76 million shares worth N19.39 million in 91 deals.

Over all, the volume of shares traded leaped by 14.55 per cent with a total of 222.19 million shares valued N4.25 billion transacted in 3,714 deals.