NSE trading kick-start 2019 on a bearish note

Traders work at the Nigerian Stock Exchange in Lagos

Activities resumed for the year on the Nigerian Stock Exchange, NSE, on a bearish note with the All-Share Index dropping by 1.15 per cent.

Reports have it that the index which opened at 31,430.50 shed 360.44 points or 1.15 per cent to close at 31,070.06 due to losses by some highly capitalised stocks.

Also, the capitalisation lost ₦134 billion to close at ₦11.586 trillion compared with ₦11.720 trillion on Monday.

Analysts had predicted that the stock market would continue to witness mixed performance till after the general elections.

Newsmen report that Nestle topped the losers’ table with a loss of ₦10 to close at ₦1,479 per share.

Nestle recorded the highest loss during the day, declining by ₦10.00 to close at ₦1,479 per share.

Nigerian Breweries trailed with a loss of ₦7.20 to close at ₦78.30, while Dangote Cement was down by ₦3.70, closing at ₦186 per share.

Flour Mills declined by 90k to close at ₦22.20, while Forte Oil dropped by 70k to close at ₦28 per share.

Conversely, Julius Berger led the gainers’ table, gaining ₦2 to close at ₦22.10 per share.

International Breweries followed with a gain of ₦1 to close at ₦31.50, while Custodian and Allied Insurance garnered 45k to close at N6.10 per share.

Vitafoam added 42k to close at ₦4.82, while Ecobank Transnational increased by 30k to close at ₦14.30 per share.

Diamond Bank dominated trading with 50.66 million shares worth ₦111.99 million.

Sovereign Insurance followed with 32.95 million shares valued at ₦6.66 million, while Access Bank traded 20.78 million shares worth N136.21 million.

Zenith International Bank traded 17.96 million shares valued at ₦413.62 million, while FBN Holdings exchanged 11.28 million shares worth N88.63 million.

In all, investors bought and sold 214.41 million shares valued at ₦1.56 billion transacted in 2,856 deals.

This was in contrast with a turnover of 929.32 million shares worth ₦3.95 billion traded in 4,144 deals on Monday.