Equity market remains volatile as govt delays cabinet reconstitution

Trading activities on the floor of Nigerian Stock Exchange on Wednesday sustained down ward trend , dropping by  N56 billion.

The NSE trnsactions showed that Market Capitalisation of listed equities declined further by 0.42 per cent to N13.358 trillion from N13.414 trillion reported the previous day.

The NSE All Share Index also decreased by 115.27 basis points  to 27412.13 points from 27527.40 points reported the previous day.

Investors traded 128.955 million shares worth N1.181 billion in 3118 deals against 170.722 million shares valued at N2.262 billion exchanged hands the previous day in 3614 deals.

Capital market operators attributed negative performance of stock in the recent time to poor performance of companies at the end of second quarter report. They explained that many of quarterly financial report presented by quoted companies were below market expecration, which is almost the same with the corporate performance presented in 2016 during  recession. The result according to them is an indication that all is not well and the economy needs urgent attention.

They however said that the delay in appointment and swearing in ministers designated also affected the market.

Analysis of the investment during the day showed that Conoil Plc led gainers table during the day, increasing by N1.05 kobo to close at N17.65 kobo, Dangote Flour  Nigeria Plc followed with a gain of N0.35 kobo to close at N20.35 kobo, MTN Nigeria Plc gained N0.30 kobo to close at N128.30 kobo, Cement Company of Northern Nigeria also increased by N0.10 kobo to close at N13.55 kobo, Access Bank Plc added N0.10 kobo to close at N6.30 kobo.

On the contrary, Dangote Cement Industry recorded the highest loss for the day, dropping by N3.00 to close at N165.00, Redstarex trailed with a loss of N0.52 kobo to close at N4.76 kobo, Flour Mills Nigeria Plc down by N0.30 kobo to close at N15.30 kobo, Zenith Bank Plc declined by N0.25 kobo to close at N17.75 kobo while Union Bank of Nigeria sheds N0.15 kobo to close at N6.75 kobo.

The result also indicated that FBNHolding Plc recorded the highest volume of transactions during the day, trading 30.901 million shares valued at N162.046 million, Transnational Corporation of Nigeria followed with account of 16.028 million shares worth N14.602 million, FCMB group traded 11.037 million shares cost N18.674 million, Access Bank Plc sold a total of 9.006 million shares cost N56.401 million while Zenith Bank Plc exchanged 8.340 million shares valued at N148.636 million.

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