Tuesday, February 7, 2023

Investors shun NSE as marketers lose N38bn in third day of loss-making

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The Nigerian Stock Exchange, NSE, says investors have dumped big volumes of shares for sale as Wednesday’s trade ended in the negative territory despite intensified profit-taking efforts.

DAILY NIGERIAN gathered that Zenith Bank, Unilever and Okomu Oil were accounted most for the day’s loss, given that sell pressure on the stocks were high.

On the supply said, turnover was 11.40% higher, driven by trade activities in the shares of Zenith, FBN Holdings and UBA.

The market posted a negative breadth, with 23 losers emerged against 7 gainers.

The All Share Index, ASI, was down by 0.28% to 25,424.91 basis points. Market capitalisation inched low to N13.264 trillion, N38 billion weaker than the previous close.

Year to date, the index is down by 5.28%.

The top gainers were Fidson, appreciating by 7.28% to close at N3.98 while PZ added up 6.25% to end the day’s trade at N4.25.

Custodian advanced by 3.12% to N4.95. FCMB rose to N2.26, notching up 2.73% in the process. John Holt completed the top 5, climbing up by 1.82% to N0.56.

Royal Exchange topped the losers’ chart, declining by 10% to close at N0.27. Livestock shed 9.09% to end trade at N0.60. C&I Leasing fell to N3.55, losing 8.97%.

Mutual Benefits slumped to N0.20, recording 4.76% depreciation. UACN closed at N6, going down by 4.76%.

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