NSE Index drops 0.11 per cent

Market fluctuation that has pervaded the equities market yesterday continued as the bears struggled to deplete market activities after a day’s gain in the local bourse following 0.11 per cent drop in both market performance indices.

The key benchmark indices returned negative to close in the red, as activities in the shares of Seplat Petroleum Development Company and Dangote Cement further dragged down the equity market.

Trading activities on the floor of Exchange had the previous day closed in the green territory following positive sentiments of investors.

Consequently, the All-Share Index dipped 46.04 basis points or 0.11 per cent to close at 40,683.45 as against 40,729.49 recorded the previous day while the market capitalisation of equities depreciated by N15 billion or 0.11 per cent as market sentiment remained negative.

Meanwhile, a turnover of 273.4 million shares worth N2.7 billion in 4,188 deals was recorded in the day’s trading.

Just as in the previous day , the banking sub-sector of the financial services sector was the most active during the day (measured by turnover volume); with 110.07 million shares worth N1.04 billion exchanged by investors in 1,235 deals.

Volume in the banking sub-sector was largely driven by activities in the shares of Diamond Bank Plc and Unity Bank Plc.

Also, insurance services sub sector, boosted by activity in the shares of Cornerstone Insurance Plc, followed with a turnover of 41.8 million shares valued at N25.4 million in 173 deals.

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