NSE resumes 2017 trading on negative trend

Transactions on the Nigerian equity market resumed on Tuesday for 2017 on a bearish trend with major blue chips recording price depreciation.
The All-Share Index dropped by 257.73 points or 0.96 per cent to close at 26,616.89.
This was against 26,874.62 achieved on Friday due to profit taking embarked upon by some investors.
Also, the market capitalisation, which opened at N9.246 trillion, shed N88 billion or 0.95 per cent to close at N9.158 trillion.
Nigerian Breweries recorded the highest price loss to lead the losers’ chart, dropping N5.99k to close at N145 per share.
Beta Glass trailed with a loss of N1.32 to close at N29 and Guaranty Trust Bank dropped 70k to close at N24 per share.
Ecobank Transnational Incorporated was down by 51k to close at N9.77, while Cadbury also shed 51k to close at N9.78 per share.
On the other hand, Stanbic IBTC led the gainers’ table growing by 74k to close at N15.69 per share.
UAC Property followed with a gain of 13k to close at N2.75 and UACN gained 9k to close at N16.90 per share.
United Capital increased by 8k to close at N2.81, while FBN Holdings appreciated by 5k to close at N3.40 per share.
The volume of shares traded closed higher as investors bought and sold 3.37 billion shares worth N3.76 billion achieved in 2,033 deals.
This was in contrast with a turnover of 156.96 million shares valued at N1.59 billion traded in 1,714 deals on Friday.
Unity Kapital emerged the most active stock having accounted for 3.07 billion shares worth N2.37 billion.
Omoluabi Savings and Loans followed with 190 million shares valued at N159.60 million, while GT Bank accounted for 26.63 million shares worth N687.15 million.
FCMB Group transacted 17.98 million shares valued at N19.65 million and United Bank for Africa (UBA) sold 14.28 million shares worth N63.89 million.