• Wednesday, April 24, 2024
businessday logo


Stock market loses N12bn on sales pressure


As investors resorted to selling stocks yesterday, the supply side which outweighed demand contributed immensely to low pricing of stocks at the Nigerian Stock Exchange (NSE).

The value of stocks at the Nigerian Stock Exchange dipped by N12billion evidenced in the declined recorded by market capitalisation.

As sales pressure weighed, the NSE market cap which stood at N10.721billion last Friday dropped to N10.709trillion while the All Share Index (ASI) dropped from 33,506.88 to 33,467.78.

Except for NSE 30 Index which measures the performance of blue-chip stocks, NSE Insurance and NSE Lotus Index, other indexes at the bourse recorded decline.

NSE 30 rose from 1,591.97 to 1,595.03; NSE Consumer Goods dropped from 968.81 to 960.07; NSE Banking dipped from 413.56 to 407.11; NSE Insurance recorded marginal growth from 155.41 to 155.59; NSE Oil/Gas dropped from 198.17 to 194.99; while NSE Lotus Islamic Index rose from 2,142.23 to 2,174.29.

On the gainers list, Airservice led after its share price rose from N5 to N5.50, adding N0.50; followed by ABC Transport plc which rose from N0.55kobo to N0.60kobo, adding N0.05; while Prestige Insurance rose from N0.73 to N0.78, adding N0.05.

Vitafoam led losers table from N3.86 to N3.51, shedding N0.35; while International Breweries dipped from N21.85 to N20.16, losing N1.69.