NSE All-Share Index drops by 0.11% on weak earnings report

Activities on the Nigerian Stock Exchange (NSE) remained on a negative trend on Wednesday with the All-Share Index dropping 0.11 per cent on a weak third quarter earnings season.
The index lost 29.40 points or 0.11 per cent to close at 27,223.08 in contrast with the 27,252.48 achieved on Tuesday.
Similarly, the market capitalisation which opened at N9.360 trillion lost N10 billion or 0.11 per cent to close at N9.350 trillion.
Total recorded the highest price loss, dropping by N12.50 to close at N332.50 per share.
Nigerian Breweries trailed with a loss of N1.01 to close at N145 and UACN depreciated by 60k to close at N18.60 per share.
Ecobank Transnational lost 53k to close at N10.18, while Oando dipped by 23k to close at N4.47 per share.
Market analysts attributed the bearish trend to weak third quarter earnings season and negative investors’ sentiments.
Lafarge Africa topped the gainers’, improving by N2.30 to close at N49.80 per share.
MRS followed with a gain of N2.16 to close at N45.51 and Guinness appreciated by N1.91 to close at N84 per share.
United Bank for Africa gained 20k to close at N4.51, while Champion Breweries added 18k to close at N2.64 per share.
In spite of the drop posted by market indices, the volume of shares traded closed higher with 202.71 million shares valued at N1.26 billion exchanged in 3,337 deals.
This was against the 187.60 million shares worth N1.31 billion transacted in 3,065 deals on Tuesday.
FCMB Group drove the turnover, trading 47.17 million shares worth N51.44 million.
Transcorp traded 22.29 million shares valued at N20.87 million, while Guaranty Trust Bank traded 19.96 million shares worth N471.68 million.
FBN Holdings sold 14.87 million shares valued at N45.12 million, while Sterling Bank exchanged 14.40 million shares worth N12.09 million.