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Stock market resumes trading on negative note

By on August 27, 2014

Trading on the floor of the Nigerian Stock Exchange (NSE) resumed on a poor note yesterday as more investors book profits, sending the twin market gauge northward.

At the close of business monday, the NSE All Share Index or ASI depreciated by a 0.54 per cent or 224.71 points to close at 41,339.48 points from 41,564.19 points attained last Friday. In the same vein, the market capitalisation of listed equities decreased to N13.65 trillion from N13.72 trillion recorded at the close of trading last Friday.

Trading activities on the Exchange also decreased by 10 per cent as investors bought a total of 156.69 million ordinary shares valued at N1.49 billion, executed in 3,956 deals, compared with a total of 174.94 million ordinary shares worth N1.45 billon made in 3,939 deals last Friday.

TranscorpPlc, Mansard Plc and FBN Holdings Plc were the most actively traded stocks on the exchange yesterday in terms of volume, while Guaranty Trust Bank Plc and TranscorpPlc, topped in terms of value.

But the banking subsector of the Financial Service Sector remained the most active in terms of the volume of shares traded. It led the equities sector with a total of 36.9 million ordinary shares valued at N410.34 million made in 1,051 deals.

Trading in the shares of the banking sector was largely driven by the activity in the shares of Guaranty Trust Bank Plc, Access Bank Plc, Diamond Bank Plc and Sterling Bank Plc.

Trading on the shares of the four banks accounted for 25 million shares or 67.7 per cent of the subsectors’ turnover.

The price movement chart of the NSE displayed a total of 26 stocks that recorded gains on the bourse yesterday while 26 stocks declined leaving 60 stocks unchanged.

Mansard Plc emerged the toast of investors as it appreciated by 1.90 per cent to close at N2.61 per share, followed by Skye Bank Plc, with a 1.48 per cent gain to close at N2.97 a share. Others on the gainers chart include; Fidelity Bank Plc, Dangote Sugar Plc and Wapic Insurance Plc.

On the flip side, Ashaka Cement Plc topped the losers chart with a 2.53 per cent decline to close at N33.14 a share.

 

 

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