Market indices downgrade by 0.34%

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The bears resurfaced on the Nigerian Stock Exchange (NSE) on Wednesday after two-day upward movement due to month-end portfolio rebalancing.

The market indices downgraded by 0.34 per cent as a result of profit taking.

Consequently, the market capitalisation which opened at N15.949 trillion, lost N54 billion or 0.34 per cent to close at N15.895 trillion.

Also, the All-Share Index dipped 150.14 points or 0.34 per cent to close at 44,343.65 compared to 44,493.79 achieved on Tuesday.

The breweries stocks dominated the losers’ table with

International Breweries leading with a loss of N3.15 to close at N60.85 per share.

Nigerian Breweries trailed with a loss of N3 to close at N147, while PZ Industries declined by N1.15 to close at N22.40 per share.

Union Bank of Nigeria was down by 30k to close at N7.90, while Air Service depreciated by 25k to close at N5.10 per share.

On the other hand, Flour Mills led the gainers’ table for the day, increasing by N3.10 to close at N33.95 per share.

Lafarge Africa followed with a gain of N2.40 to close at N54.95, while Forte Oil gained 95k to close at N50.95 per share.

Berger Paint added 45k to close at N9.95, while Unilever appreciated by 30k to close at N44.50 per share.

In all, investors bought and sold 651.90 million shares valued at N7.76 billion transacted in 7,091 deals.

This was lower than 876.98 million shares worth N7.43 billion traded in 8,780 deals on Tuesday.

Suzan O.