Stock value dips N320bn as index drops to 25,000 points.


The stock market continues its negative trend with the depression by 1000 points of the benchmark indices of the Nigerian Stock Exchange (NSE) on Wednesday.

The drop in the All-Share Index represents 3.56 percent of the market turnover.Specifically, the ASI which opened trading for the day at 26,103.05 points closed at 25,103.05 points.

The Market Capitalisation also dipped by N320 billion to close at N8.953 trillion from N8. 953 trillion recorded on Tuesday.

Nestle Nigeria Plc was the biggest loser among the three losers on the table, dropping by N2.26 or 9.32 percent to close at N26.50 per share.

Dangote Cement Plc followed with N7.65 or five percent to close at N145.45 per share, while Seven Up Plc declined by N7.00 or 3.85 percent to close at N175.00 per share.

On the other hand, Ashaka Cement Plc led the gainers’ table with N2.26 or 9.32 percent to close at N26.50 per share.

Custodian Insurance Plc came second with 14 kobo or 3.45 percent to close at N26.50 per share, while NEM Insurance Plc dipped by two kobo or 3.08 percent to close at N67 kobo per share.

Diamond Bank Plc was the most traded equity with 88.682 million shares worth N177.365 million. Unity Bank Plc trailed with 70 million shares valued at N35 million, while Zenith Bank Plc traded 51.444 million shares worth N564.65 million.

Investors also committed N46.388 million to buy 35.72 million shares of Fidelity Bank Plc, while United Bank for Africa Plc (UBA) sold 31.81 million shares at N86.13 million.

In all, investors traded 369.23 million shares valued at N1.68 billion in 2,887 deals.

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