The downward trend at the Nigerian Stock Exchange’s equity market is still running. On Wednesday, June 3, the NSE’s All-Share Index fell below 34,000 basis points. The NSE ASI shed 172.19 basis points or 0.5 per cent to close at 33,879.21, down from 34,051.40.

Also, the market capitalisation of the listed equities declined by 0.5 per cent or N58bn to close at N11.512tn, in contrast to the marginal rise of 0.05 per cent or N6bn it recorded on Tuesday to rise from N11.568tn to N11.574tn.

It was a mixed performance for the other indices with the NSE Banking Index dipping significantly. It fell by 1.58 per cent from 385.21 basis points to 379.12 basis points.

The NSE 30 Index, which tracks the performance of the top 30 stocks on the Exchange, also fell; it lost 0.53 per cent to close at 1,546.53 basis points after opening at 1,554.79 basis points.

A total of 252.329 million shares valued at N3.363bn were traded in 4,053 deals on Wednesday with only 19 stocks rising in value, while 36 others declined in value.

The most traded stocks are Mansard Insurance Plc, Zenith Bank Plc, Guaranty Trust Bank Plc, Ecobank Transnational Incorporated Plc and Access Bank Plc.

Beta Glass Plc topped the gainers’ table with a 4.98 per cent or N1.99 gain to close at N41.96 per share. It was followed by Portland Paints and Products Plc and C & I Leasing Plc, which rose by 4.45 per cent and 4.29 per cent to close at N3.99 and 73 kobo per share.

UAC Property Development Company Plc gained 3.56 per cent to close at N10.46 per share, while Nestle Nigeria Plc was up by 3.53 per cent to close at N880 per share.

The National Salt Company of Nigeria Plc topped the losers’ table, declining by 5.91 per cent or 46 kobo to close at N7.33 per share.

Forte Oil Plc shed 4.99 per cent or N8.14 to close at N154.86 per share; followed by RT Briscoe Plc and Jos International Breweries Plc, which fell by 4.88 per cent and 4.69 per cent to close at 78 kobo and N1.83 per share, respectively.

Market analysts said investors were still searching for policy direction and macroeconomic guidance from the new government of President Muhammadu Buhari.

By Dike Onwuamaeze


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