The Nigerian Stock Exchange (NSE) yesterday continued for the third day to witness sell pressure, as bargain hunters remained on the sidelines. Consequently, the overall performance measures, NSE ASI and market capitalisation, fell by 1.73 per cent.
This was due to sustained profit taking by bargain hunters in the wake of cautious optimism that had pervaded the market following upset in the financial sector. Accordingly, the All-Share Index shed 476.43 basis points or 1.73 per cent to close at 27,098.52 index points as against 27,574.95 recorded the previous day, while market capitalisation of equities depreciated by N164 billion or 1.73 per cent to close lower at N9.307 trillion as against N9.471 trillion.
Meanwhile, a turnover of 113.5 million shares in 2,435 deals was recorded in the day’s trading. The banking sub-sector of the financial services segment was the most active (measured by turnover volume) with 37.6 million shares exchanged by investors in 620 deals.
Volume in the sub-sector was largely driven by activities in the shares of Access Bank Plc and UBA Plc. Also, other premium subsector, boosted by the activities in the shares of FBNH Plc and Zenith Bank Plc followed with a turnover of 24.7 million shares in 385 deals.
The number of gainers at the close of trading session was 11, while decliners closed at 27. Further analysis of the day’s trading showed that Presco Nigeria Plc topped the gainers’ table with 5.09 per cent to close at N42.30 per share, while Wema Bank Plc followed with 4.92 per cent to close at 64 kobo per share. Unity Bank Plc gained 4.84 per cent to close at 65 kobo per share. On the flip side, Ashaka Cement Plc led the losers’ chart with a drop of 9.65 per cent to close at N12.26 per share.
AG Leventis Plc followed with a loss of 4.94 per cent each to close at 77 kobo per share, while Vitafoam Plc dropped by 4.92 per cent to close at N2.51 per share