Nigerian Stock Exchange: Transaction maintains losing streak, loses N98bn

The logo of the Nigerian Stock Exchange (NSE)

The Nigerian Stock Exchange (NSE) market capitalization on Tuesday continued in a losing streak, dropping by N98 billion.

The market capitalization which opened at N13.354 trillion shed N98 billion or 0.73 percent to close at N13.256 trillion.

Also, the All Share Index (ASI) dropped 222.36 points, representing a loss of 0.73 percent to close at 30,099.83, against 30,322.19 recorded on Monday.

The downturn was impacted by losses recorded in medium and large capitalized stocks, amongst which are: Mobil Nigeria, Dangote Cement, MTN Nigeria, Nigerian Breweries and Dangote Sugar Refinery.

Analysts at Cordros Capital Limited noted that “In the absence of a positive catalyst, we guide investors to trade cautiously in the short term.

“However, stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.”

Sovereign Trust Insurance led the losers’ chart dropping by eight percent, to close at 23k per share.

Japaul Oil and Maritime Services shed 7.41 percent to close at 25k, while Dangote Sugar depreciated by 4.35 percent to close at N11per share.

Mobil Nigeria declined by 3.82 percent to close at N163.50, while Sterling Bank was down by 3.28 percent to close at N2.36 per share.

Conversely, Unilever Nigeria recorded the highest gain to leading the gainers’ chart with a gain of 8.22 percent, to close at N30.95 per share.

Associated Bus Company gained 7.14 percent to close at 30k, while Jaiz Bank appreciated by 4.35 percent to close at 48k per share.

Wapic Insurance appreciated by 2.50 percent to close at 41k, while NEM Insurance went up by 2.44 percent to close at N2.10 per share.

The total volume traded depreciated by 5.64 percent with an exchange of 233.45 million shares worth N3.52 billion traded in 3,169 deals.

This was in contrast with 247.39 million shares valued at N3.48 billion in 3,434 deals on Monday.

Transactions in the shares of Wapic Insurance topped the activity chart with 50.3 million shares worth N20.13 million.

Zenith Bank came second with 28.16 million shares worth N566.47 million, while Courteville Business Solutions traded 25.18 million shares valued at N5.04 million.

Access Bank transacted 25.1 million shares worth N157.26 million, while Sterling Bank accounted for 21.09 million shares worth N49.62 million.

Amaka E. Nliam