NSE Index Drops 2.64% As Selling Spree Rocks Market Activities

Transactions on the floor of the Nigerian Stock Exchange, NSE, made a sharp landing in the Red Zone on Monday, June 27, following intense profit taking which rocked market activities.

The market lead indicators shed 2.64 percent on the back of  cautious trading amidst uncertainties across global markets on the account of the Britain vote to exit.

The  All Share Index depreciated by 809.43 points to close at 29,840.23 points compared with the decline of 1.36 percent at 30,649.66 basis points last Friday.

Market breadth likewise closed negatively as Fidson Health Care Plc led 16 gainers against 40 losers, topped by UCAP Plc when compared with previous outlook of 22 gainers to 30 losers.

UCAP Plc led the day’s decliners with a loss of 7.94 percent or 20 kobo to close at N2.32 per share followed by Zenith Bank Plc which lost 6.12 percent or N1.04 kobo to close at N15.96 per share while Stanbic IBTC Plc dropped 5.00 percent or 85 kobo to close at N16.15 per share. Forte Oil Plc depreciated by 5.00 percent or N10 to close at N190 per share and Seplat Petroleum Development Company Plc fell by 4.98 percent or N17.37 to close at N331.60 per share.

On the other hand, Fidson Healthcare continued its gaining spree on the back drop of the newly completed WHO Compliant facility set to grow FX and create jobs, as it gained 9.91 percent or 22 kobo to close at N2.44, followed by Julius Berger Plc which added 5.00 percent or N2.20 to close at N46.20 per share while GSK Plc gained 4.97 percent or N1.10 to close at N23.22 per share.

PZ Cussons Plc appreciated by 4.96 percent or N1.07 to close at N22.65 per share and Transnationwide Express Plc increased by 4.96 percent or 74 kobo to close at N1.48 per share.

At the end of trading session, 375.2 million shares worth N4.03 billion were traded in 4,229 deals against 444.5 million shares worth N3.7 billion exchanged in 5,565 deals previously.