Investors in the Nigerian Equities market have further lost N23.8 billion on Tuesday to sustained sell pressure on stocks following free fall in prices due to uncertainties plaguing the yet to be disclosed Flexible Forex Policy and the spike of inflation in the Nigerian economy.
On Tuesday, a report released by the National Bureau of Statistics indicated that the CPI, which measures inflation, recorded a relatively strong increase for the fourth consecutive month.
The report said that the Headline Index increased to 15.6 per cent year-on-year, which was 1.9 per cent points higher from rates recorded in April (13.7 percent).
“The increase in rates in May relative to April reflects an overall increase in general price level across the economy as all divisions which contribute to the Headline Index increased at a faster pace in May.” It read.
In spite of 24 gainers to 17 losers recorded in the course of the day’s trade, the lead indicator of the NSE, the All Share Index fell by 0.26 percent to 27,034.05 points compared to a loss of 0.47 percent to close at 27,103.31 points recorded on Monday. Following a loss of N23.8 billion, Market capitalization also settled at N9.284 trillion, against N9.309 trillion recorded previously.
GSK Plc led the day’s losers following a depreciation of 9.72 percent or N1.77 in its share value to close at N16.44 per share, Unity Bank Plc lost 8.85 percent or 10 kobo to close at N1.03 per share while FCMB Plc dropped 5.45 percent or 9 kobo to close at N1.56 per share. Eterna Plc and Transnationwide Express Plc fell 5 and 4.85 percent or 15 and 8 kobo to close at N2.85 and N1.57 per share respectively.
On the other hand, NEM Plc led the gainers following an appreciation of 5 percent or 5 kobo to close at N1.05 per share, Continental Reinsurance Plc followed with a gain of 4.76 percent or 5 kobo to close at N1.10 per share, while Stanbic IBTC Plc increased by 4.61 percent or 70 kobo to close at N15.89 per share and AGLEVENT garnered 4.44 percent or 4 kobo to close at 94 kobo per share. Union Dicon Plc also gained 4.31 percent or 62 kobo to close at N15 per share.
The financial services sector retained dominance in trading activity as three top traders in volume terms for the day were Guaranty which traded 33.6 million shares worth N631 million, FCMB which sold 18.4 million shares worth N28.7 million and NEM which exchanged 14.7 million shares valued at N15.4 million.
At the end of the day’s trading, investors in 3,153 deals traded 170.7 million shares worth N2.4 billion compared to a total of 152.3 million shares valued at N2.290 billion exchanged in 3,406 deals previously