NSE Index Slides by 1.63% as Trading Starts New Week in Red Zone

Transactions on the floor of the Nigerian Stock Exchange, NSE, made a u-turn from steady movements towards North as investors shifted position following the kick off of the new foreign exchange policy on Monday, June 20.

As a result, the All Share Index dropped 477.37 points or 1.63 percent to close at 28,769.90 basis points against 2.66 percent gained last Friday at 29,247.27 points.

Eco Transnational Incorporated Plc topped the day’s 33 losers chart, sliding by 5 percent or 85 kobo to close at N16.15 per share, Nigerian Breweries Plc lost 5 percent also or N7.44 to close at N141.42 per share while Nigerian Aviation Handling Company Plc dropped 4.96 percent or 21 kobo to close at N4.02 per share.

PZ Cussons Plc and Dangote Sugar Plc fell by 4.91 and 4.86 percent or N1.09 and 34 kobo each to close at N21.11 and N6.66 per share respectively.

Conversely, NEIMETH Plc led the day’s 17 gainers as it appreciated by 8.89 percent or 8 kobo to close at 98 kobo per share, Law Union Plc increased by 8 percent or 4 kobo to close at 54 kobo per share, Champion Breweries Plc followed with a gain of 7.25 percent or 25 kobo to close at N3.70 per share, while GlaxoSmithkline Plc added 5.49 percent or 78 kobo to close at N15 per share. Honeywell Flour Plc advanced by 5 percent or 9 kobo to close at N1.89 per share.

The day’s top three traders were FBN Holdings which traded 88.3 million shares worth N382.7 million, UBA which exchanged 59.5 million shares valued at N286.9 million and Diamond Bank which sold 55.3 million shares worth N122.0 billion.

At the end of the day’s trade, investors exchanged 416.7 million shares worth N2. 3 billion in 4,684 deals, compared to 628.8 million shares worth N6.8 billion compared traded in 5,965 deals previously.