Trading reverses on NSE, indices drop 0.12%

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Trading reverses on NSE, indices drop 0.12%
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Trading on The Nigerian Stock Exchange (NSE) returned to bearish posture Thursday with the market indices losing 0.12 per cent following profit taking in Dangote Cement and Axa Mansard.

Specifically, the All-Share Index dipped 48.57 points or 0.12 per cent to close at 41,099.15 from 41,147.72 recorded on Wednesday. The market capitalisation also dropped N26 billion or 0.12 per cent to close at N21.499 trillion against N21.524 trillion recorded Wednesday.

Accordingly, month-to-date and year-to-date returns moderated to 2.1 per cent.

The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are MRS Oil Nigeria, Cadbury Nigeria, Flour Mills, Dangote Cement and Guinness.

Market sentiment closed negative with 50 losers, relative to 14 gainers.

Chams and Prestige Assurance led the losers’ chart in percentage terms, losing 10 per cent each to close at 27 kobo and 54 kobo per share, respectively. Tourist Company came second with 9.84 per cent to close at N2.84 per share. MRS Oil Nigeria shed 9.82 per cent to close at N12.40, while AXA Mansard Insurance lost 9.80 per cent to close at N1.38 per share.

Conversely, Multiverse Mining and Exploration, and Northern Nigeria Flour Mills dominated the gainers’ chart in percentage terms with 10 per cent each, to close at 22 kobo and N9.68 per share, respectively.

Champion Breweries trailed with 9.88 per cent to close at N1.78 per share. NCR Nigeria improved by 9.65 per cent to close at N2.84, while Trans-Nationwide Express appreciated by 9.38 per cent to close at N1.05 per share.

In all, the total volume traded rose by 72.61 per cent with 1.12 billion shares worth N6.39 billion traded in 7,404 deals. This was in contrast with 649.65 million shares valued at N4.61 billion exchanged in 6,296 deals on Wednesday.

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