Trading session at NSE
The Nigerian equities market returned southward Wednesday , erasing the marginal gains recorded the previous day despite strong third quarter results released by some quoted companies.
The market had on Tuesday recorded marginal gains after a dismal performance at the resumption of trading on Monday.
At the close of trading yesterday, most market indicators closed weaker led by the twin market gauge- that is, All-Share Index and market capitalisation.
Trading results released by the Nigerian Stock Exchange (NSE) showed that the exchange’s benchmark index declined by 55 points or 0.20 per cent to close at 26,303.41 from 26,358.73 points, the previous day.
Also, the market capitalisation of listed equities depreciated by 0.20 per cent or N17 billion to close at N8.382 trillion from N8.399 trillion the previous day.
Two of the five sectoral indices appreciated. While the Consumer Goods Index appreciated by 0.26 per cent to close at 2,245.27 points from 2,239 points the previous day, the NSE Insurance Index went up by 0.14 points to close at 131.77 points.
However, the NSE Banking Index fell by 0.76 per cent to close at 416.07 from 419.29 points the previous day and the NSE-30 Index went down by 0.24 per cent to close at 1,240.02 points. The NSE Oil and Gas Index on the other hand remained constant at 150.83 points.
Meanwhile, the banking sector of the Financial Service Sector remained the most active in terms of the number of shares sold. It led the equities sector with a total of 103.1 million shares valued at N687.1 million made in 1,983 deals.
The volume of shares sold in the banking sector was largely driven by the activity in the shares of Unity Bank Plc, United Bank for Africa Plc, Sterling Bank Plc and First Bank of Nigeria Plc.
Trading in the shares of the four banks accounted for 56.5 million ordinary shares or 54.8 per cent of the subsectors’ turnover.
The Insurance sector, also of the Financial Service Sector boosted by the activity in the shares of Continental Re-Insurance Plc and Niger Insurance Plc trailed on the activity chart with a turnover of 93.8 million ordinary shares worth N72.2 million made in 120 deals.
The price movement chart of the NSE displayed a total of 18 stocks that recorded gains as against 26 stocks on the losers’ table.