Gains reversed on NSE as ASI drops 0.04%

Equities trading on the Nigerian Stock Exchange (NSE) reversed some of the gains garnered in the previous session as the All Share Index closed Wednesday 0.04 lower, at 40,772.26 points.

The marginal loss recorded in the equities market was preceded by decline in the NSE Oil and Gas (-1.68 per cent), Industrial (-1.00 per cent) and consumer goods (-0.40 per cent) indices, thus reducing the market’s year to date returns to 6.62 per cent.

Investors also lost N5.9 billion as the market capitalisation dropped 0.04 per cent to close the day at N14.728 trillion.

Although market breadth closed positive with 24 gainers to 18 losers, Union Bank led the day’s losers with a decline of 4.76 per cent to close at N6 per share. It was followed by Sovereign Insurance that dropped 4.35 per cent to close at 22 kobo per share and HMARKINS that fell 3.57 per cent to close at 27 kobo per share

On the other hand, top three gainers for the day were led by Jaiz bank that appreciated 10 per cent to close at 88 kobo per share. Oando followed with an increase of 9.70 per cent to close at N9.05 per share and Skye Bank added 5.21 per cent to close at N1.01 per share.

Banking stocks led trading activities for the day as Guaranty Trust Bank, Fidelity Bank and FBNH emerged the three most traded stocks for the day.

Guaranty Trust Bank exchanged 67.4 million shares worth approximately N3 billion, Fidelity traded 14.9 million shares worth N38.4 million and FBNH accounted for 14.7 million shares, valued at N182.7 million.

The total volume of shares traded for the day were 230.2 million shares. They were valued at N4.3 billion and exchanged in 4,090 deals.