Nigerian equity market dips for the second day

The Nigerian equity market (NGX) on Tuesday declined for the second consecutive day, dipping by 0.35% due to sustained sell pressure by investors.

The market capitalisation lost N101 billion to close at N28.442 trillion from N28.543 trillion achieved on Monday.

Similarly, the All-Share Index declined by 0.35 per cent or 187.47 points to close at 52,756.62 compared with 52,944.09 recorded on Monday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are: Flour Mills of Nigeria, GlaxoSmithKline Consumer, Unilever and Dangote Sugar.

PZ dominated the gainers’ chart in percentage terms, gaining 9.96 per cent to close at N13.25 per share.

Berger followed with 9.72 per cent to close at N7.90, while Northern Nigeria Flour Mills rose by 9.63 per cent to close at N11.95 per share.

McNichols inched higher by 9.52 per cent to close at N1.61, while Abbey Buildings appreciated by 9.49 per cent to close at N1.50 per share.

Conversely, Flour Mills of Nigeria led the losers’ chart in percentage terms, losing by 9.20 per cent to close at N37 per share.

GlaxoSmithKline Consumer followed with 8.39 per cent to close at N6.55, while NPF Microfinance Bank lost 8.02 per cent to close at N1.95 per share.

Japaul Gold depreciated by 6.25 per cent to close at 30k, while Champion Plc declined by 6.09 per cent to close at N3.70 per share.

Transactions in the shares of First City Monument Bank (FCMB) topped the activity chart with 775.09 million shares valued at N2.96 billion.

Jaiz Bank followed with 172.15 million shares worth N151.77 million, while Transcorp traded 140.08 million shares valued at N202.13 million.

Guaranty Trust Holding Company(GTCo) sold 50.39 million shares worth N1.21 billion, while International Breweries sold 21.02 million shares valued at N165.13 million.

In all, the total volume of shares traded appreciated by 253.76 per cent with an exchange of 1.32 billion shares worth N7.72 billion traded in 6,449 deals.

This was against a turnover of 374.18 million shares valued at N4.96 billion exchanged in 6,854 deals on Monday. (NAN)