Market indicators dip further by 0.77%


The panic selling caused by investors’ reaction to the global stock markets loss continued on the Nigerian Stock Exchange (NSE) on Wednesday with the market indicators dipping further by 0.77 per cent.
The All-Share Index lost 339.14 points or 0.77 per cent to close at 43,538.16 compared with 43,877.30 achieved on Tuesday.
Also, the market capitalisation shed N122 billion or 0.77 per cent to close at N15.623 trillion against N15.745 trillion recorded on Tuesday.
Commenting on the development, Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., said that free fall of equities in the last three days was not as a result of fundamental issue.
Omordion said that the drop was due to investors extended international panic due to development in the global market.
He said that the losing momentum was reducing with the gain recorded by some global markets on Feb. 6.
According to him, the market would pick up very soon with earnings season around the corner.
Mobil Oil recorded the highest loss to lead the laggards’ table, depreciating by N10.50 to close at N199.50 per share.
Dangote Cement trailed with a loss of N6 to close at N264, while Nigerian Breweries dipped N2.90 to close at N142 per share.
Stanbic IBTC was down by N1.65 to close at N45.35, while Julius Berger shed N1.25 to close at N26.05 per share.
On the other hand, Unilever led the gainers’ table, increasing by N2.25 to close at N47.60 per share.
Zenith International Bank followed with a gain of 80k to close at N32, while Caverton gained 27k to close at N3.05 per share.
GlaxosmithKline appreciated by 25k to close at N19.25, while Redstar also grew by 25 kobo to close at N6 per share.
The volume of shares transacted dropped by 29.12 per cent with a exchange of 508.29 million shares worth N4.57 billion in 6,155 deals.
This was in contrast with a turnover of 717.15 million shares valued at N4.91 billion traded in 6,720 deals on Tuesday.
Lasaco Insurance of the Insurance subsector was the toast of investors, accounting for 57.19 million shares worth N20.06 million.
FBN Holdings followed with 55.88 million shares valued at N707.30 million, while Skye Bank traded 43.06 million shares N48.29 million.
Access Bank exchanged 31.38 million shares valued at N396 million, while Dangote Sugar traded 29.68 million shares worth N688.96 million.


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