NSE turnover inches 30.74% in bearish trading

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    The volume of shares traded on the Nigerian Stock Exchange (NSE) increased by 30.74 per cent on Thursday in a bearish trading.

    Speficially, investors bought and sold 304.21 million shares valued at N3.15 billion exchanged in 2,690 deals.

    This was in contrast with a turnover of 232.68 million shares worth N3.19 billion achieved in 2,831 deals on Wednesday.

    Access Bank was the toast of investors during the day, accounting for 147.72 million shares valued at N1.43 billion.

    It was trailed by Zenith Bank with an account of 27.37 million shares worth N506.33 million, while FCMB Group traded 23.11 million shares valued at N41.54 million.

    Guaranty Trust Bank traded 21.59 million shares worth N639.85 million, while Fidelity Bank sold 13.92 million shares valued at N30.30 million.

    However, the All-Share Index lost 81.28 points or 0.30 per cent to close at 26,584.45 against 26,665.73 achieved on Wednesday.

    Also, investors lost N38 billion in value as the market capitalisation closed lower at N12.832 trillion compared with N12.870 trillion on Wednesday.

    The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; MTN Nigeria, UPDC Real Estate Investment Trust UACN, Access Bank and International Breweries.

    Analysts at Afrinvest Limited said that “We expect a bearish outing in the equities market by the close of the week as investors maintain a risk-off approach.”

    In spite of the drop in crucial market indices, market breadth closed positive with 14 gainers against 11 losers.

    Cornerstone Insurance led the losers’ chart in percentage terms dropping by 9.80 per cent to close at 46k per share.

    UPDCREIT followed with a decline of 9.59 per cent to close at N3.30, while UACN Property Development Company went down by 6.67 to close at 84k per share.

    MTN Nigeria lost 2.43 per cent to close at N112.50, while Honeywell Flour Mills shed 1.96 per cent to close at N1per share.

    Conversely, GlaxoSmithkline led the gainers’ chart in percentage terms, increasing by 9.52 per cent to close at N5.75 per share.

    AG Leventis & Company followed with a gain 8.70 per cent to close at 50k, while Wema Bank appreciated by 7.14 per cent to close at 75k per share.

    Wapic Insurance improved by 5.88 per cent to close at 36k, while Fidelity Bank appreciated by 5.77 per cent to close at N2.20 per share.