Nigerian Stock Market Falls After Two-Day Rise

The Nigerian Stock Exchange All-Share Index closed lower on Wednesday, snapping a two-day gain on the back of losses by 32 stocks.

The NSE ASI had on Tuesday begun the week on a positive note, extending the gain recorded at the close of trading last week after 11 consecutive days of losses. Trading resumed on Tuesday on the floor of the NSE after public holidays on Friday and Monday.

But the index shed 0.21 per cent or 64.88 basis points on Wednesday to close at 31,267.25 basis points.

The market capitalisation of the listed equities on the NSE fell by N22bn to N10.703tn, compared to N10.725tn on Tuesday.

The index of the 30 most capitalised stocks on the floor of the bourse, which was up by 0.93 per cent to close at 1,424.77 basis points on Tuesday, fell to 1,421.38 basis points.

The banking index fell by 1.33 per cent to close the day at 339.89 basis points; the industrial index shed 0.21 per cent to close at 2,183.88 basis points, while the pension index dropped by 0.42 per cent.

Thirty-two stocks recorded price losses on Wednesday, with the Cement Company of North Nigeria Plc leading the pack as it lost 8.90 per cent to close at N7.29 per share.

It was followed by the FCMB Group Plc and Trans-Nationwide Express Plc, which shed 6.33 per cent and 5.94 per cent, respectively to close at N2.81 and N0.95 per share.

Neimeth International Pharmaceuticals Plc led 21 stocks on the gainers’ table on Wednesday, with a 9.02 per cent rise to close at N1.45 per share.

Other gainers were Honeywell Flour Mill Plc, P Z Cussons Nigeria Plc, Beta Glass Company Plc, Dangote Sugar Refinery Plc and Caverton Offshore Support Group Plc, among others.

Honeywell appreciated by 8.57 per cent to close at N3.04 per share, while PZ gained 7.60 per cent to close at N30.00 per share.

In all, 329.289 million shares valued at N2.581bn were traded in 4,457 deals on Wednesday, compared to 1.056 billion shares worth N15.780bn in 3,468 deals on Tuesday.

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