NSE Index Drops 0.58% As Bear Sentiment Reverses Three-day Positive Run

Equities trading on the floor of the Nigerian Stock Exchange, NSE, on Wednesday, May 4, reversed a three-day upward trajectory as market indices shed 0.58 per cent.

The All-Share Index dropped by 150.08 points or 0.58 per cent to close at 25,715.42 against 25,865.50 posted on Tuesday.

Similarly, the Market Capitalization, which opened at N8.897 trillion, lost N52 billion or 0.58 per cent to close at N8.845 trillion.Major blue chip recorded price depreciation led by Forte Oil which lost N3.46 to close at N190 per share. Dangote Cement trailed with a loss of N2.57 to close at N169, while PZ industries dropped by N1.12 to close at N21.30 per share. Ecobank Transnational lost 80k to close at N14.70, while Flour Mills shed 70k to close at N20.30 per share.

Conversely, Nestle led the gainers’ table, growing by N1.68 to close at N680 per share. Lafarge Africa followed with a gain of N1.62 to close at N73, while Unilever increased by N1.53 to close at N32.24 per share. Tiger Brands grew by 33k to close at N3.63 and Nigerian Breweries surged by 32k to close at N122 per share.

FBN Holdings emerged the most traded equity, accounting for 117 million shares worth N413.34 million. United Bank for Africa trailed with an exchange of 33.19 million shares valued at N115.80 million, and Fidelity Bank traded 32.84 million shares worth N34.84 million.

In all, the volume of shares traded surged by 43.65 per cent with a total of 330.57 million shares, valued at N2.26 billion transacted in 4,053 deals.

This figure is in contrast with a total of 230.12 million shares worth N1.50 billion exchanged in 3,474 deals on Tuesday.