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NSE Index sheds 0.16% on cautious trading

By BusinessNews Staff on September 24, 2014

Cautious trading by investors saw market indicators close on a negative note at the Nigerian stock market yesterday. The Nigerian Stock Exchange (NSE) All-Share Index (ASI) fell by 0.16 per cent to close at 40,984.12, while market capitalisation shed N21 billion to close at N13.533 trillion. Similarly, volume and value of trading declined by 40.5 per cent and 10.6 per cent respectively.

Although there were 29 price gainers, compared to 23 price losers, the benchmark index fell due to pressure from highly capitalised stocks among the price losers.

All the sectoral indices of the NSE declined led by the NSE Banking Index which shed 1.01 per cent followed by NSE Oil & Gas Index, which closed 0.28 per cent lower. The NSE 30 Index went down by 0.11 per cent.
Market operators said investors adopted cautious trading having made some gains the previous week.

“This is the beginning of a new week and many investors are cautiously waiting for the direction the market before they will take further action. Besides, the month is about coming to an end and institutional investors are preparing to close their books for the month. The sluggish performance of the market is therefore not surprising,” a stockbroker said.

Unilever Nigeria Plc led the price losers with N1.74 to close at N48.26 per share. Dangote Cement Plc followed with N1.15 to be at N222.85, while Ecobank Transnational Incorporated shed N0.90 to close at N18.10 per share.

International Breweries Pl and Guaranty Trust Bank Plc lost N0.64 and N0.44 in that order, just as Oando Plc and Premier Breweries Plc went down by N0.30 and N0.25 respectively.

On the other hand, Nestle Nigeria Plc recorded the highest price gain in absolute terms of N19.90 to close at N1,069.90. Seplat Petroleum Development Company Plc appreciated by N6.50 to close at N60 per share. Lafarge Africa Plc and Julius Berger Nigeria Plc chalked up N3.50 and N3.20 respectively.

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