NSE Index sheds 1.11% as 44 stocks decline

The losses witnessed in the stock market on Monday continued on Tuesday as investors continued to take profit.

At the close of trading, a total of 44 stocks recorded price depreciation with only 16 rose, as against 17 gainers and 44 losers the previous day.

The losses dragged the Nigerian Stock Exchange Index down by 1.11 per or 460.48 basis points to close at 41,189.66 basis points, down from 41,650.14 basis points Monday’s close.

Similarly, the market capitalisation of the listed equities was down by N148bn or 1.11 per cent to close at N13.204tn, compared to a fall of N81bn recorded in the previous session, which saw it close at N13.351tn.

A review of the sectoral indices showed that the NSE Insurance Index posted the best performance for the day after it rose by 0.35 per cent to close at 150.34 basis points.

A decline of 2.59 per cent saw the NSE Banking Index end the day as the worst performer as it closed at 418.87, down from its previous 430.00 basis points.

Costain (West Africa) Plc topped the gainers’ table, rising by 9.94 per cent or 18 kobo to close at N1.99 per share, followed by IPWA Plc, which rose by 4.69 per cent or three kobo to close at 67 kobo per share.

Vono Products Plc was up by 4.61 per cent or seven kobo to close at N1.59 per share, while Trans-nationwide Express Plc gained 4.52 per cent to close at N2.08 per share.

UBA Capital Plc, on the other hand, topped the losers’ table, shedding 9.29 per cent or 21 kobo to close at N2.05 per share.

Oando Plc and Ecobank Transnational Incorporated Plc followed, falling by 7.55 per cent and 4.94 per cent to close at N23.28 and N15.96 per share, respectively.

In all, 921.135 million shares worth N5.921bn were traded in 6,350 deals.