Losses deepen as index sheds 0.48%

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NSEThe losses recorded in trading activities on the Nigerian Stock Exchange continued on Tuesday with major market indicators closing lower.

The NSE All-Share Index fell by 0.48 per cent to close at 40,456.61 basis points. Since the beginning of this year, the index has lost 2.12 per cent.

Also, the market capitalisation fell below N13tn for the first time this year, as it lost N62bn to close at N12.97tn on Tuesday.

In their report on Tuesday, analysts at Meristem Nigeria were optimistic that activities would take on a positive outlook in the coming weeks.

“Although we are of the opinion that some investors are still trading cautiously while others are taking profit, we still expect that soon, investors’ sentiment may tilt towards the positive side ahead of corporate actions.”

At the close of trading activities, a total of 37 stocks comprising high capitalised stocks shed value compared with 14 stocks that gained.

Nestle Nigeria Plc, which led the price losers’ table the previous day, declined further on Tuesday, as it maintained the number one position on the losers’ chart.

The stock price fell by N14.35 to close at N1,120.65 per share.

Guinness Nigeria Plc followed on the chart, shedding N2.00 to close at N217 per share, while Nigeria Breweries Plc lost N1.30 to close at N152.20 per share.

Union Bank of Nigeria Plc also lost 83 kobo to close at N8.67 per share, while Zenith Bank Plc, which opened on Tuesday at N21.80, fell by 56 kobo to close at N21.24 per share.

On the other hand, Seven-Up Bottling Company Plc led the 13 other stocks on the price gainers’ chart with a gain of N3.57 to close at N74.97 per share.

Presco Plc also gained N2.30 to close at N48.48 per share, while Beta Glass Plc and Guaranty Trust Bank Plc rose by N1.02 and 45 kobo to close at N21.46 and N27.50 per share in that order.

University Press Plc also gained nine kobo to close at N4.12 per share.

Meanwhile, investors traded 343.049 million shares valued at N4.366bn in 5,546 deals.

The financial services sector led the activity chart, accounting for 286.473 million shares worth N3.238bn exchanged in 3,126 deals.

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