Stock Market Suffers N144bn Loss Tuesday

The equity market in Nigeria plunged into a 1.11 percent loss on Tuesday as investors continue to look for direction and await the positive news that could propel the local bourse back into life.

During yesterday’s trading, the market capitalisation depreciated broadly by N144 billion, which left it at N12.734 trillion against N12.878 trillion on Monday. This also affected the All-Share Index (ASI), which went down by 297.1 points to 26,384.21 points from 26,681.31 points.

Despite the fall, the level of activity improved yesterday as the volume of equities traded on the Nigerian Stock Exchange (NSE) rose by 1.87 percent from 192.7 million to 196.3 million, while the value was flat at N3.6 billion.

GTBank was the most traded stock at the market in the day, transacting 49.2 million shared worth N1.4 billion, while Access Bank followed with 21.0 million units sold for N192.9 million.

Transcorp exchanged 14.2 million shares valued at N13.8 million, Zenith Bank traded 11.2 million equities for N208.4 million, while Wema Bank transacted 10.7 million shares worth N7.0 million.

Topping the losers’ table was Nestle Nigeria as its share price went down by N50 to close at N1300 per unit, while MTN Nigeria followed with a N2 loss to finish at N116 per share.

Dangote Cement also fell by N2 to end at N140 per share, Arbico depreciated by 43 kobo to close at N3.89 per share, while Unilever Nigeria declined by 40 kobo to finish at N18.50 per share.

At the other end, Ekocorp was the highest price gainer. Share price of the company increased by 15 kobo to close at N4.15 per unit and was followed by GlaxoSmithKline, which rose by 10 kobo to finish at N5.80 per unit.

FCMB appreciated by 7 kobo to settle at N1.84 per share, while Zenith Bank and Access Bank appreciate each by 5 kobo to close at N18.55 per share and N9.20 per share respectively.