‎Equities market resumes week negative at 1.72%

The Nigerian Equities market resumed the week on a negative note as continued sell pressure witnessed in 7up, Dangote Cement amongst 18 other stocks dragged market indices lower.

The Nigerian Stock Exchange All Share Index thus fell by  by 1.72 percent to close at 24,581.99 points, while market capitalisation dropped N149 billion to close at N8.507 trillion.

Market activities, measured by volume and value traded also decreased by 53 and 56 percent respectively as investors exchanged 128.2 million shares worth N1.5 billion in contrast to 274 million units of shares worth N3.4 billion traded previously.

This is in spite of considerable appreciation recorded in the Banking (+0.20 percent), Consumer goods (+2.13 percent) and Oil and Gas Indices (0.67 percent). Rather a 4 percent decline recorded in the industrial goods index was occasioned by Dangote Cement’s Share Decline.

Price movement chart showed 15 gainers topped by Nestle, were paired against 20 losers led by 7up.

Nestle rose by 9.96 percent to close at N691 per share, Forte Oil increased 5.07 percent to close at N54.50 and AIICO Insurance was third on the gainers list with a growth of 5 percent to close at 63 kobo per share.

Continental Reinsurance and Vitafoam also added 4.95 and 4.76 percent each to close at N1.06 and N1.98 per share respectively.

On the flip side 7up led the day’s 20 declining stocks with a depreciation of 9.47 percent to close at N86 per share, followed by Dangote Cement that dropped 7.03 percent to close at N149.26 per share, Honeywell Flourmills and CAP declined by 5 percent each, to close at 95 kobo and N28.12 per share while Diamond Bank declined by 4.88 percent to close at 78 kobo per share.

Zenith Bank topped the activity chart with the sale of 24 million shares worth N348.8 million, UBA traded 14.9 million shares worth N74.7 million and Transcorp moved 12.5 million shares valued at N8.7 million.