• Saturday, March 02, 2024
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Nigerian equities market sheds N115bn as sell pressure weighs


Sell pressure continued to impact on the performance of Nigerian equities as the value of listed equities decreased by N115bn after trading on the floor of Nigerian Stock Exchange (NSE) yesterday.

The market of equities listed on the main board dropped to N13.494bn from a high of N13.609bn recorded the preceding trading day.

The NSE All Share Index (ASI) closed low at 40,868.02 points against 41,214.81 points the preceding trading day. In 4,782 deals, equity dealers exchanged 1.649,176,997 units valued at N46.346bn.NSE-2

Forte Oil plc led the gainers’ table after its share price rose from N217.99 to N225, adding N7.01; followed by Total Nigeria plc which rallied from N172.06 to N176.02, adding N3.96. Also, Ashaka Cement plc rose from N30.95 to N33, adding N2.05.

A total of 1,312,444,260 ordinary shares of Ashaka Cement plc at N30.95 were crossed via off-market. The buyer was Lafarge Africa plc while the seller was Lafarge Nigeria (UK) plc. This is part of the ongoing process to consolidate the South African assets and the Nigerian assets.

On the losers’ table, Seplat Petroleum Development Company plc led the chart after its share price dropped from N679.98 to N650, losing N29.98, followed by Nestle Nigeria plc which dipped from N1, 019 to N1, 010.01, losing N8.99; while Dangote Cement plc dropped by N5, from N224.99 to N219.99.