Story by Kayode Tokede
The equities market of the Nigerian Stock Exchange (NSE) closed negative on Tuesday over profit-taking in Dangote Cement Plc, MTN Nigeria, Nestle Nigeria Plc and 17 others companies listed on the bourse.
The market capitalization dropped by N51.8 billion to N13.14 trillion on Tuesday from N13.19 trillion the market opened for trading.
Consequently, the NSE All-Share Index depreciated by 0.39 per cent or 117.53 basis points to 29,818.80 basis points from 29,936.33 basis points.
The share price of Dangote Cement dropped by 0.16 per cent or N0.30 to close at N182.10 from N182.40 while MTN Nigeria share price dipped by 0.75 per cent or N1.00 to N133.00 on Tuesday.
Also, the share price of Guaranty Trust Bank plc dropped by 0.32 per cent or N0.10 to N30.80 from N30.90 while Nestle Nigeria’s share price tumbled by 0.70 per cent or N10.00 to N1,420.00 from N1,430.00.
According to NSE losers chart, ABC Transport top losers table on Tuesday, dropping by 10 per cent or N0.03 to N0.27 from N0.30, followed by Okomu Oil palm that declined by 10 per cent or N7.40 to N66.60 from N74.00 it closed on Monday.
Equities market top performance was Champion that gained 10.00 per cent or N0.12 to N1.32 while NEM Insurance appreciated by 8.78 per cent or N0.18 to N2.23 from N2.05.
Unity Bank Plc joined top gainers on Tuesday, gaining 8.57 per cent or N0.06 to N0.76 while Linkage Assurance Plc share price appreciated by 8.33 per cent or N0.04 from N0.48 to close at N0.52.
In addition to gainers, Oando Plc share price added 6.76 per cent or N0.25 to N3.95 from N3.70.
Following decline in NSE ASI, other sectorial indices closed downbeat with the exception of NSE Banking Index, NSE Insurance and NSE Oil & Gas.
The NSE Banking Index gained 0.32per cent to close at basis points while NSE Insurance Index and NSE Oil & Gas appreciated by1.72per cent and 0.57per cent to close at basis points and basis points respectively.
The volume of trades stood at 2.91billion shares in contrast to 2.86 billion shares (1.90per cent) increase while value recorded N11.22 billion as against N3.85billion, representing 191.47per cent improvement from their previous trading levels.
Transactions in the shares of Wema bank Plc, Zenith Bank, Access Bank Plc, UBA and GTBank topped the activity chart as most traded equities as measured by volume.
“We retain our cautious trading advice in the short run. However, accumulation of fundamentally justified and dividend paying stocks for mid to long term is recommended.” Analysts at APT Securities Limited said.
In addition, analysts at InvestmentOne Securities said, “The equities market closed down today due to the losses in MTN Nigeria and Consumer names. We still hold the view that prices at current levels present decent entry opportunities for investors with a medium to long term horizon.”