Nigeria bourse closes lower for ‘Democracy Day’ holiday

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For the second day running, investors at the floor of the Nigerian Stock Exchange (NSE) stuck to insurance stocks as they placed 3.06 billion naira on 1.27 billion shares in 3,158 deals as the major market indicators continue to go down at the close of trading Wednesday before going for a public holiday Thursday.

The public holidays was declared by the government to mark ‘Democracy Day’.

Market capitalisation closed lower Wednesday at 11.71 trillion naira, in contrast with Tuesday’s figure of 11.81 trillion naira. Similarly the All-Share Index decreased to 59,424.41 from Tuesday when it closed at 59,959.99 points.

In all, investors staked 13.7 billion naira on 1.67 billion shares in 17,089 deals, in contrast with Tuesday when they invested 12.225 billion naira on 1.721 billion shares in 19,021 deals.

The insurance subsector, like the previous day (Tuesday), led the activity chart measured in turnover volume.

Investment and Allied Assurance Plc boosted the subsector with a turnover of 1.16 billion shares worth 2.62 billion naira in 914 deals, Goldlink insurance Plc followed with 14.5 million shares worth 42.8 million naira in 141 deals and Universal Insurance Plc 12.1 million shares valued at 29.7 million naira in 504 deals.

The Banking subsector followed on the activity chart with 268.3 million shares valued at 8.49 billion naira in 8,393 deals.

The shares of AfriBank Nig Plc, United Bank for Africa Plc (UBA) and Intercontinental Bank Plc boosted the activity in the subsector.

Conglomerate subsector came next on the activity chart with 36.9 million shares valued at 269.2 million naira in 527 deals.

Transnational Corporational of Nigeria (TRANSCORP) maintained its lead followed by PZ Cussons Nig Plc and United African Company of Nigeria Plc.

Two oil stocks led the losers’ table, Oando which was among the three on the gainers’ table the previous day (Tuesday) lost N10.44 to close at N198.86 Wednesday.

Conoil Plc followed with N5.90 to close at N113.10 and Ecobank Transnational Incorporated also lost N4.01 to close at N235.99.

Nestle Nig Plc led the gainers’ table with N7.00 to close at N225.00, Chemical and Allied Plc followed with N2.65 to close at N55.65 and United African Company of Nigeria (UACN) also lost N2.45 to close at N52.50. Panapress .

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