Stock market indicators hit negative notes

The equities section of the Nigerian Stock Exchange closed on a negative note on Wednesday, as major market indicators closed lower.

The NSE All-Share Index depreciated by 0.26 per cent to close at 35,949.00 points, compared with the appreciation of 0.59 per cent recorded at the close of Tuesday's activities.

Also, the market capitalisation of the listed equities lost 0.26 per cent to close at N11.385tn to N11.415tn compared to the preceding day.

Analysts noted that the depreciation of the indicators was as a result of the losses recorded in the share prices of PZ Cussons Plc, Guaranty Trust Bank Plc, Ecobank Transnational Incorporated Plc, Zenith Bank Plc, United Bank for Africa Plc, Access Bank Plc and PRESCO Plc.

As a result, the year-to-date return of the index dropped to 28.03 per cent.

University Press Plc lost the highest share price for the day, shedding 10 per cent to close at N4.77 per share.

Ikeja Hotel Plc and Beta Glass Plc also shed 10 per cent and 9.1 per cent to close at 81 kobo and N10 per share, respectively.

Meanwhile, investors staked N146.91bn on 9.74 billion shares in 135,782 deals on the NSE in June.

The figure is higher than 8.49 billion shares worth N94.61bn traded in 124,215 deals in May.

The data also showed that the turnover of shares traded inched by 14.72 per cent.

The NSE Index lost 1630.44 points or 4.31 per cent to close at 36,164.31 from 37,794.75 recorded in May as a result of profit taking.

The Managing Director, APT Securities and Funds Limited, Malam Garba Kurfi, attributed the decline to profit taking by foreign investors.

Speaking to the News Agency of Nigeria, Kurfi said that decline in oil revenue, which led to a drop in the nation's foreign reserve, contributed to the profit taking.