NSE DG, Oscar Onyema
The Nigerian equities market sustained its poor run yesterday following considerable sell pressure as the strong market sentiment that accompanied the excellent second quarter results released by banks and some manufacturing firms cool off.
The market had in recent time recorded strong performance on the back of the drive by bargain hunters to take advantage of the strong corporate actions for future gains.
Trading started at the beginning of the week on a positive note but returned southward on Tuesday and remained south yesterday-leading to the decline of major market indicators.
A review of trading results released by the Nigerian Stock Exchange (NSE) showed that the Exchange’s benchmark All-share Index or ASI depreciated by 20 points or 0.08 per cent to close at 23, 105.05 points from 23,125.32 points the previous day.
Similarly, the market capitalisation of listed equities declined by 0.08 points or N6 billion to close at N7.354 trillion from N7.360 trillion the previous day.
Meanwhile, the banking sector of the financial service sector remained the most active in terms of the volume of shares sold. It led the equities sector with a total of 147.14 million ordinary shares valued at N1.23 billion exchanged in 2,026 deals.
The volume of shares sold in the banking sector was largely driven by the activity in the shares of First Bank of Nigeria Plc, First City Monument Bank Plc, Skye Bank Plc and Zenith Bank Plc.
Trading in the shares of the four banks accounted for 102.2 million ordinary shares or 69.47 per cent of the subsectors turnover.
The insurance sector of the financial service sector boosted by the activity in the shares of Intercontinental Wapic Insurance and LASACO Insurance Plc trailed on the activity chart with a turnover of 23.9 million shares worth N23.6 million made in 136 deals.
Overall, investors traded a total of 231.9 million ordinary shares valued at N1.64 billion executed in 3,757 deals.
The price movement chart of the NSE displayed a total of 17 stocks that recorded gains as against 23 on the losers table. International Breweries Plc led on the gainers’ table with a gain of 37 kobo to close at N6.61 per share.