NSE Index Loses 0.70% As Renewed Bullish Momentum Wanes

Trading activities on the floor of the Nigerian Stock Exchange, NSE, on Tuesday, May 10, took a sharp reverse from its northward movement as the All Share Index dropped 0.70% to close at 25,646.56 points.

This loss was against 25,828.30 points recorded in the previous trading session.

Market activity for the day also fell in line with ASI movement as volume and value traded declined 24.7 percent and 19.7 percent to close at 237.8 million shares and N1.4 billion against 559.95 million shares and N6.4 billion recorded for in the previous trading session.

Despite a positive market breadth of 32 gainers to 17 losers, the day’s decline were sustained as a result of losses incurred by heavyweights such as Forte Oil Plc which lost 4.22 % or N9.26 to close at N210 per share, and Dangote Cement which dropped 2.48% or N4.17 to close at N163.83 per share.

University Press Plc (UPL) led the day’s losers as it dropped 4.91% or 28 kobo to close at N5.42 per share, Portland Paints Plc followed with a loss of 4.83% or 10 kobo to close at N1.97 per share while Axamansard (MANSARD) Insurance Plc shed 4.43% or 9 kobo to close at N1.94 per share.

Tiger Brands Plc topped of the gainers’ chart adding 9.81% or 41 kobo to close at N4.59 per share followed by Diamond Bank which gained 9.52% or 14 kobo to close at N1.61 per share while Flour Mills Nigeria Plc appreciated by 6.79% or N1.59 to close at N24.99 per share.

Banking stocks still dominated the top traders chart, as FBN Holdings Plc. traded the most in terms of volume accounting for N29.3 million shares worth N100.7 million; Zenith Bank, exchanged 27.7 million shares valued at N380.8 million and Transcorp sold 26.9 million shares amounting to N29.9 million.

Wema Bank and UBA moved 26.3 and 22.4 million shares each worth N19.7 million and N76.1 million respectively.