Home Capital Market Equity market resumes bearish trend, drops 0.46%

Equity market resumes bearish trend, drops 0.46%

September 26, 2018

L–R: Mrs. Favour Femi-Oyewole, Head, Information Security, The Nigerian Stock Exchange (NSE); Dr. Greg Jobome, Board Member, Risk Management Association of Nigeria (RIMAN); Mr. Bola Adeeko, Head, Shared Services Division, NSE; Mr. Magnus Nnoka, President, RIMAN; Mr. Kola Ajimoko, 1st Vice President, RIMAN and Ms. Funmi Adewole, Deputy Treasurer, RIMAN during a Closing Gong Ceremony in honour of the new President of RIMAN at the Exchange today.

The Nigerian equity market on Wednesday reversed the gains it recorded the previous as speculators position to take profit from price fluctuations.

The All Share Index (ASI) was down 0.46 per cent to close the day’s trading session at 32,963.27 points, while market capitalization shed N55.19 million to close at N12.03 trillion.

The industrial index, which dropped -1.44 per cent, led other sector which dipped, except the banking index which gained 1.86 per cent to defy the negative sentiment that pervaded Wednesday’s session.

UAC Properties with 10 per cent rise set the pace for 16 other gainers, while Berger lost 10 per cent to top 22 other decliners.

A total of 172 million shares in terms of volume were traded, against 223 million units, which exchanged hands on Tuesday, amounting to 22.77 per cent decrease.

Also, the value of stocks traded dipped by 37.50 per cent to N2.05 billion, compared to N3.28 billion recorded the previous.

Fidelity Bank, GTBank, UBA, Transcorp and Zenith Bank end the trading day as top performers in terms of volume, while International Breweries, Zenith Bank, GTBank, UBA and Nestle were the top five performers in terms of the value of units traded.