7up, Total Crash Nigerian Stock Market by 0.88%

By Modupe Gbadeyanka

Activities on the Nigerian Stock Exchange (NSE) closed in the red zone on Tuesday with a total of 25 stocks depreciating in price against 13 stocks that remained unchanged.

Though the volume of transactions recorded on the floor of the NSE improved today compared with what was posted yesterday, however, this did not stop investors from losing about N81 billion at the close of the market.

The Financial Services sector attracted stock market investors as it dominated the most trades’ charts on Tuesday.

While Omoluabi Savings & Loans Plc led the table selling 93.5 million shares at N84 million, Fidelity Bank accounted for 39.3 million units worth N36 million.

Also, FCMB exchanged 36 million shares valued at N49.4 million, Custodian Insurance traded 36 million units for N135 million and Diamond Bank sold 28 million units at N28 million.

A review of the price movement chart indicated that 7up emerged the highest loser today with the loss N11.15k to close at N111.40k per share, while Mobil fell by N2.4k to finish at N263.1k per share.

In the same vein, GTBank declined by N1.4k to end at N23.56k per share, Dangote Cement crashed by N1 to finish at N168 per share and Forte Oil depreciated by 61k to close at N79.76k per share.

Business Post correspondent reports that at the close of activities on Tuesday, the all-share index lost 233.98 basis points or 0.88 percent to close at 26,346.24 basis points, while the market capitalisation recorded a loss of N81 billion to end at N9.07 trillion.

Also today, a total of 372.9 million shares were exchanged by investors in 4,068 deals valued at N1.3 billion.

Although the market finished red, but some equities, 19 of them, appreciated in value and were led by Total Plc, which went up by N5 to finish at N305 per share.

Furthermore, Cadbury rose by 25k to close at N9.28k per share, UACN Property added 15k to end at N3.15k per share, NAHCO chalked up 12k to finish at N2.71k per share, while Airline Services & Logistics Plc advanced by 11k to close at N2.61k per share.