NSE: Bears halt 2 days’ gaining streak

NSE: Bears halt 2 days’ gaining streak

Key performance indices, the NSE All Share Index (ASI) and market capitalisation, yesterday fell by 0.32 per cent, halting two days gaining streak, as market speculators embarked on profits taking.

Driven by decline in value of most financial and consumer stocks, the equities market began the trading week on a negative note.

Consequently, the All-Share Index dropped by 358.87 basis points or 0.32 per cent to close at 35.311.36 basis points as against 35.426.17 recorded last Friday, while the market capitalisation of equities depreciated by N42 billion or 0.32 per cent to close at N12.891 trillion from N12.933 trillion.

Meanwhile, a turnover of 178.8 million shares exchanged in 2,981 deals was recorded in the day’s trading.

Banking sub-sector of the financial services segment was the most active (measured by turnover volume) with 43.1million shares exchanged by investors in 548 deals.

Volume in the sub-sector was largely driven by activities in the shares of Diamond Bank Plc and Skye Bank Plc.

Also, premium sub-sector boosted by the activities in the shares of Access Bank Plc and UBA Plc followed with a turnover of 41.9 million shares in 892 deals.

The number of gainers at the close of trading session was 26, while decliners closed at 14.

Further analysis of the day’s trading showed that Diamond Bank Plc and Niger Insurance Plc topped the gainers’ table with 10 per cent each to close at N1.21 and 44 kobo per share respectively, while Flour Mills Nigeria Plc followed with 9.77 per cent to close at N23.60 per share. Linkage Assurance Plc trailed with a gain of 9.46 per cent to close at 81 kobo per share.

On the flip side, First Aluminum Plc led the losers’ chart, dropping of 10 per cent to close at 36 kobo per share. Ikeja Hotels Plc tailed with a loss of 9.68 per cent to close at N2.52 per share, while Universal Insurance Plc dropped by 9.09 per cent to close at 40 kobo per share.

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