NSE trading on downward trend

Equity trading on the Nigerian Stock Exchange (NSE) closed for the second consecutive day on a downward trend with the All-Share Index dropping by 0.77 per cent.
The index shed 272.27 points or 0.77 per cent on Thursday to close at 35,086.67 against 35,358.94 on Wednesday.
Also, the market capitalisation shed N99 billion or 0.77per cent to close at N12.809 trillion in contrast with N12.908 trillion achieved on Wednesday.
An analysis of the price movement chart indicated that 29 stocks recorded price depreciation, while 16 stocks posted price appreciation.
Lafarge Wapco, one of the blue chips on NSE led the losers’ table with a loss of N1.8 to close at N23.7 per share.
Forte Oil trailed with a loss of N1.7 to close at N20, while Stanbic IBTC decreased by N1.25 to close at N47.25 per share.
Guaranty Trust Bank was down by N1.05 to close at N38, while Dangote Cement dipped N1 to close at N228 per share.
On the other hand, Guinness recorded the highest gain, leading the gainers’ table with N5 to close at N95 per share.
NEM Insurance followed with a gain of 3k to close at N3.3 per share.
FBNH appreciated by one kobo to close at N9.1, while Livestock and NASCON increased by 5K each to close at 59K and N20.05 per share respectively.
United Bank for Africa emerged the investor’s delight, trading 57.12 million shares worth N452.33 million.
NEM Insurance followed with an account of 45.25 million shares valued at N131.66 million, while Access Bank traded 30.74 million shares worth N281.12 million.
Diamond Bank exchanged 17.20 million shares valued at N21.71 million, while FCMB sold 16.39 million shares worth N29.52 million.
In all, investors bought and sold 284.59 million shares valued at N3.44 billion in 3,303 deals, representing a decrease of 17.52 per cent.
This was in contrast with a total of 345.057 million shares worth N2.27 billion achieved in 3,261 deals.