Stock market maintains negative outlook

The crucial market indicators of the Nigerian Stock Exchange (NSE) on Tuesday extended negative outlook, dropping further by 0.99 per cent.

Specifically, the All-Share Index, which opened at 30,527.50, shed 300.73 points or 0.99 per cent to close at 30,226.77, amid price losses.

Similarly, the market capitalisation dipped N112 billion to close at N11.353 trillion against N11.465 trillion recorded the preceding day.

An analysis of the price movement table shows that Nestle recorded the highest loss, dropping by N50 to close at N1, 400 per share.

Betaglass trailed with a loss of N6.45 to close at N58.35, while Nigerian Breweries lost N6.10 to close at N56.90 per share.

Unilever dropped by N3.30 to close at N35.70, while Forte Oil shed N2.75 to close at N24.95 per share.

Conversely, Dangote Cement led the gainers’ table, increasing by N2 to close at N193 per share.

Dangote Sugar followed with a gain of 80k to close at N15, while Ikeja Hotel added 20k to close at N2.26 per share.

Stanbic IBTC grew by 80k to close at N46.25, while NEM Insurance appreciated by 11k to close at N2.33 per share.

FCMB Group led the activity chart, exchanging 53.88 million shares worth N99.96 million.

Sterling Bank came second with an account of 41.40 million shares valued at N99.22 million, while United Bank for Africa traded 41.33 million shares worth N316.91 million.

Fidelity Bank traded 37.65 million shares valued at N66.33 million, while Zenith Bank sold 31.99 million shares worth N694.17 million.

In all, the volume of shares traded closed lower as investors bought and sold 376.95 million shares valued at N4.54 million in 4,018 deals.

This was against the 1.72 billion shares worth N3.68 billion transacted in 3,251 deals on Monday.