Investors Lose N30bn In Stock Market’s Gains Reversal.
By UMORU ABDULKADIR
Nigeria’s stock market declined by 0.97 percent at the close of trading on Wednesday September 4, 2019 as investors continued their profit taking actions following Tuesday marginal gains.
The market routed further south despite analysts’ expectation of some position taking decisions in favour of banking stocks.
Nestle Nigeria led other stocks in the underperformers’ chart.
The stock price of Nestle Nigeria declined to N1,250, losing N50 or 3.85 per cent.
Guinness Nigeria moved down from N41.40 to N37.39 losing 410kobo or 9.90 per cent. Dangote Cement decreased from N160 to N157.70, after shedding 230kobo or 1.44 per cent. Forte Oil dropped from N16.45 to N14.85 down by 160kobo or 9.73 per cent, while MTN Nigeria dipped from N140 to N138.50 losing 150kobo or 1.97 per cent, among others.
On the gainers table, International Breweries led the chart after its share price moved up from N11 to N11.90 adding 90kobo or 8.18 per cent.
Lafarge Africa also rallied from N14.35 to N14.95 adding 60kobo or 4.18 per cent, followed by UACN which increased from N4.55 to N5, adding 45kobo or 9.89per cent, GloxoSmithKline also advanced from N7.45 to N7.90, adding 45kobo or 6.04 per cent while Union Bank of Nigeria appreciated by 40kobo from N6.60 to N7.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) closed lower at 27,319.64 points from 27, 586.79, points, shedding 267.15 basis points or 0.97 per cent
The year-to-date (YtD) index went down by 13.08 per cent.
Access Bank, Lafarge Africa, Zenith Bank, FBN Holdings and Transnational Corporation were the most actively traded stocks on Wednesday.
Meanwhile, as part of corporate actions during the trading day was MTN Nigeria Communications Plc notification of the EXCHANGE and the general public that all its stores and services centres would be closed until further notice as a precaution to the xenophobic situation in South Africa and the consequent reprisals.
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