Stocks Drop N94billion in First Trading Day of 2016

The equity segment of the Nigerian Stock Exchange, NSE, opened the year on a negative note with N94 billion loss.
This is against expectation of analysts as they believe that investors may take position on low priced stocks with significant upside potential coupled.
The NSE All Share Index depreciated by 0.95 per cent to close at 28,370.32 basis points, compared with the 3.11 per cent appreciation recorded previously
Market breadth closed negative as Learn Africa led 12 gainers against 18 losers topped by Skye Bank at the end of the trading’s session which was an unimproved performance when compared with previous outlook.
Market turnover closes negative as volume declined by 60.75 per cent against 82.13 per cent decline recorded in the previous session.
Austinlaz Plc, FBN Holdings Plc, Transnational Corporation of Nigeria Plc, Access Bank Plc and UBA Plc were the most active to boost market turnover. While Nestle Nigeria Plc and Guaranty Trust Bank Plc top market value list.
Top on gainers’ log was Okomu Oil Plc with a gain of N1.48 kobo to close at N31.78 kobo. Others include Cement Company of Northern Nigeria Plc with N0.31 kobo to close at N9.66 kobo, Zenith Bank Plc with N0.25 kobo to close at N14.30 kobo per share, and Oando Plc with a gain of N0.10 kobo to close at N6.00 kobo per share.
On the flip side, Nestle Nigeria Plc topped losers chart with N30.00 kobo to close at N830.00 kobo, GlaxoSmithKline Plc with N1.71 kobo to close at N32.49 kobo per share, Ashaka Cement Plc with N1.00 kobo to close at N24.00 kobo and Transcorp Hotel Plc with N0.29 kobo loss to close at N5.51 kobo per share.

Read more at http://www.dailytrust.com.ng/news/business/2016-stocks-shed-n94bn-in-first-trading-day/127282.html#5LoKT8BAmAtCBAO4.99

 

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