• Wednesday, May 29, 2024
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Deals in banking stocks impact volume at Customs Street


Amid a decline in the performance of the stock market yesterday, deals recorded in some banking stocks like FCMB plc, United Bank for Africa plc, Ecobank Transnational plc, Zenith Bank plc and FBN Holdings plc contributed majorly to 622,512,773 shares traded at the Nigerian Stock Exchange (NSE).

The stock market All Share Index (ASI) closed down to 35,956.04 points yesterday from the preceding trading day’s level of 36,010.28 points, while equities market capitalisation also closed down to N11.493 trillion from N11.513trillion, losing about N20billion.

Amid this dismal outing yesterday by equities dealers, they traded 147,879,410 shares of FCMB plc valued at N739.333million; and 88,036,541 shares of UBA plc valued at N729.993million. This was followed by 86,403,415 shares of Ecobank Transnational plc worth N1.248billion; 47,687,977 shares of Zenith Bank plc worth N1.028billion; and 27,745,174 shares of FBN Holdings worth N529.377million.

The approximately N20billion which equities lost at the Nigerian bourse was driving largely by loses recorded in blue-chip stocks like Nestle Nigeria plc, Total Nigeria plc, Dangote Cement Nigeria plc, Cadbury Nigeria plc. For instance, Nestle Nigeria plc share price dropped from N925 to N918.90, losing N6.10. Total Nigeria plc dipped from N160 to N155.02, shedding N4.98. Dangote Cement Nigeria declined from N180 to N178.20, losing N1.80; while Cadbury Nigeria plc lost N0.39kobo after declining from N43.90 to N43.51.

Gains recorded by most equities could not change the course of the market positively. Some of them are Lafarge Cement Wapco plc which led with the gainers after its share price rose from N80.23 to N87, adding N6.77. Okomu Oil Palm plc gained N1.31, from N106.50 to N107.81. BOC Gas plc rose from N8.50 to N9.35, adding N0.85. International Breweries plc rose from N22 to N22.51, adding N0.51, while National Salt Company of Nigeria plc rallied from N10.87 to N11.36, adding N0.49.