Bears Tighten Grip on Nigerian Stocks as Index Sheds 0.28%

June 13, 2017
Bears Tighten Grip on Nigerian Stocks as Index Sheds 0.28%

Bears Tighten Grip on Nigerian Stocks as Index Sheds 0.28%

By Modupe Gbadeyanka

The Nigerian Stock Exchange (NSE) further closed in the negative zone on Tuesday as bears maintained their dominance at the market.

Profit taking by investors resulted in the stock market going down again today by 0.28 percent, coupled with losses recorded by blue-chip stocks like Nestle, Mobil, Seplat, Forte Oil and ConOil.

Business Post reports that the volume and value of shares transacted on the floor of the NSE on Tuesday depreciated compared with what was achieved yesterday.

At the close of trading activities, investors traded 410 million shares worth N5.6 billion executed in 6,167 deals, this is in contrast to 501 million shares valued at N6.1 billion exchanged on Monday in 6,635 deals.

A look at the market indices showed that the All-Share Index (ASI) weakened by 93.43 points to close at 33,141.85 points, while the market capitalisation declined by N29.1 billion to finish at N11.46 trillion.

Despite the loss at the stock exchange on Tuesday, the market breadth ended positive with 30 advancers against 27 decliners. However, the year-to-date return dropped to 23.32 percent at the close of transactions.

Total Plc posted the highest gain today, growing by N11.55k to close at N282.55k per share. It was trailed by 7up, which went up by N4.50k to end at N94.50k per share.

Presco added N3.65k to finish at N66.15k per share, Unilever progressed by N1.45k to close at N37 per share, while UACN advanced by 60k to end at N18 per share.

On the other hand, Nestle shed N24 to settle at N900 per share, while Mobil declined by N9.35k to close at N276.51k per share.

Seplat lost N6.38k to finish at N460.1k per share, Forte Oil depressed by N6.14k to end at N58 per share and ConOil deflated by N1.50k to close at N38 per share.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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