Market closes on negative trend as Nestle, Unilever lead lose

Activities on the Nigerian Stock Exchange (NSE) for the third consecutive day on Wednesday closed on a negative trend, with Nestle Nigeria Plc , and Unilever Nigeria Plc, leading the cream of losers.

Nestle Nigeria Plc, a highly capitalised equity, topped the losers’ chart with a loss of ₦10.00 per share to close at ₦1,500 per share. It was followed by Unilever Nigeria Plc d with a loss of ₦3.75 to close at ₦51.25 per share, while Nigerian Breweries lost ₦2.90 per share to close at ₦111 per share per share.

Other loser include Forte Oil Plc which went down by ₦2.90 per share to close at ₦26.10, while Conoil Plc dropped by ₦2.50 per share to close at ₦27.50 per share.

Consequently, the All-Share Index which opened at 37,499.07 shed 106.05 points or 0.28 per cent to close at 37,605.12 points.

Also, the market capitalisation declined by N38 billion or 0.28 per cent to close at N13.584 trillion compared to N13.622 trillion recorded on Tuesday.

On the other hand, Eterna Oil led the gainers’ table increasing by 50 kobo per share to close at ₦7.00 per share.

Guaranty Trust Bank followed with a gain of 40 kobo to close at ₦40.00 per share, while Zenith Bank Plc gained 30 kobo to close at ₦24.30 per share.

FCMB Group advanced by 20 kobo to close at ₦2.28, while Dangote Cement Industries also grew by 20 kobo to close at ₦223.00 per share.

However, the volume of shares traded rose by 96.49 per cent, while the value increased by 18.11 per cent.

Specifically, investors bought and sold 505.74 million shares valued at ₦3.13 billion exchanged in 3,354 deals, as against 257.39 million shares worth ₦2.65 billion in 3,932 deals on Tuesday.

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