NSE’s indices shed weight by 0.3 per cent

FOLLOWING price losses incurred by major bluechip companies, equity transactions re-opened on a downturn, causing market indices to slide by 0.3 per cent.

FOLLOWING price losses incurred by major bluechip companies, equity transactions re-opened on a downturn, causing market indices to slide by 0.3 per cent.

Specifically, at closed of transactions yesterday on the trading floor of the Nigerian Stock Exchange, price losses outweighed gains, as 26 companies recorded price depreciation compared to 18 that constituted the losers chart.

Precisely, the All-share index fell by 91.6 basis points or 0.3 per cent from 25,696.46 recorded on Friday to 25,604.85 while market capitalisation dropped by N30 billion from N8,216 trillion to N8,186 trillion.

Paint company and Oceanic Bank topped the day’s losers table with five percent to close at N1.90 and N1.14 per share while Constain West Africa followed with 4.92 per cent to close at N3.67 per share.

Neimeth, Bank PHB, Poly Products lost 4.81,4.76 and 4.72 per cent to close at N1.78,N0.80 and N1.21 per share.

Afri Bank shed 4.59 per cent to close at N1.04 per share while AIICO Insurance lost 4.55per cent to close at N0.84 per share.

UTC also dropped 4.55per cent to close at N0.63 per share.

On the other hand, Airservice led others on the gainers table with 4.96 per cent to close at N2.54 per share followed by Eternaoil with 4.91 per cent to close at N4.70 per share.

Custodian & Allied insurance added 4.41 per cent to close at N3.08 per share while Union Homes gained 3.92 per cent to close at N0.53 per share.

Unity Bank, Fin Bank, Ikeja Hotel garnered 3.75, 3.70 and 3.70 per cent to close at N0.83,N0.56 and N1.40 per share.

Niger insurance gained 2,.86 per cent to close at N0.72 per share while Presco and Cutix added 2.56 and 2.44 per cent to close at N8.00 and N2.10 per share.

With transactions exchanged in 2,712 deals, the banking subsector remains the most active stock in volume terms with 80milion shares worth N610million followed by the insurance sub sector with 31million units worth N23million in 210 deals.