Chinwendu Obienyi
The volume of transactions on the floor of the Nigerian Stock Exchange (NSE) fell by 43.7 per cent following sell pressure in the shares of Nigerian Breweries, GT Bank and Zenith Bank at the close of yesterday’s session.
Similarly, the All Share Index (ASI) dipped 0.03 per cent to 27,033.10 points, while market capitalisation dropped N4.1 billion to close at N14.083 trillion. Activity level declined as volume and value traded dipped 43.7 and 51.3 per cent to 241.7 million units and N3.6 billion respectively, from deals exchanged in 4,456 deals. Zenith Bank topped the activity chart with the sale of 43.13 million shares valued at N827.21 million. GT Bank sold 38.73 million shares worth N1.03 billion while UBA traded 28.86 million shares worth N196.80 million.
On the price chart, 22 stocks depreciated in value ,while 8 others appreciated. SFSREIT topped the losers’ chart with 9.94 per cent to close at N69.30 per share, Sky Aviation followed with 9.75 per cent to close at N2.13, NPF Microfinance Bank dropped 9.68 per cent to close at N1.12, AIICO lost 9.38 per cent to close at 0.87 kobo while Linkage Assurance declined by 8.89 per cent to close at 0.41 kobo.
On the flipside, Law Union topped the gainers’ chart with 10 per cent to close at 0.88 kobo per share. Cadbury increased by 9.76 per cent to close at N9, Africa Prudential was next with a gain of 4.29 per cent to close at N5.11, FBN Holdings increased by 2.83 per cent to close at N5.45 while Access Bank garnered 2.27 per cent to close at N9.
Reacting on the development, analysts say there are opportunities for bargain hunting, as investors’ risk-off approach is expected to dampen performance in the weeks ahead. market.