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Stock Market hits new low as bears sustain

By on December 18, 2014

The bench market index of the Nigerian Stock Exchange (NSE) fell below 30,000 threshold points yesterday as the index declined 2.30 per cent   to close at 29,789.59 from 30,492.30 attained on Monday.
In the same vein, the market capitalisation  decreased to N9.83 trillion from N10.07 trillion the previous trading day.

The Nigerian equities market has been in turmoil since oil price went on a free fall, raising fears of economic uncertainties.

Similarly, trading activities on the Exchange decreased by 29.94 per cent as investors bought 261.05 million shares worth N3.29 billion, in 4,108 deals, compared to 372.64 million shares worth N3.00 billion, in 4,179 deals exchanged on Monday.

However, the banking sector remained the most active in terms of the number of shares traded,  leading  with a total of 130 million ordinary shares valued at N1.31 billion made in 1,683 deals.
The number of shares sold in the banking sector was largely driven by the activity in the shares of Guaranty Trust Bank Plc, Zenith Bank Plc, Diamond Bank Plc and Access Bank Plc.
Trading on the shares of the four bank accounted for 73.3 per cent or 63.6 per cent of the subsectors turnover.

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

Meanwhile, nine  stocks gained on the bourse while 34 stocks declined leaving 51 stocks unchanged.  Seven-Up Bottling Company Plc emerged the toast of investors as it appreciated by 3.35 per cent to close at N159.00 kobo, followed by Fidelity Bank Plc with a 1.40 per cent gain to close at N1.45 kobo.

Others on the gainer’s’ chart included: Nestle Nigeria Plc, Diamond Bank Plc and Guinness Nigeria Plc.  On the flip side Seplat Plc topped the losers’ chart with a five  per cent decline to close at N280.25, closely followed by Skye Bank Plc, which declined by 4.78 per cent to close at N2.19.

 

[ThisDay]