Foreign exit: NSE All-Share Index slips further by 0.60%

Activities closed red on the nation’s bourse on Wednesday with Julius Berger leading the losers’ packs with N3 to close at N27 per share.

International Breweries trailed with N2.65 to close at N38.36, while Dangote Cement dipped N2 to close at N225 per share.

Lafarge Africa declined by N1.85 to close at N33.90, while Flour Mills shed 25k to close at N30.75 per share.

Consequently, the All-Share Index, which opened at 37,422.84, lost 169.59 points or 0.45 per cent to close at 37,253.25.

Also, the market capitalisation dropped N60 billion or 0.44 per cent to close at N13.495 trillion compared with N13.555 trillion achieved on Tuesday.

On the other hand, Mobil Oil led the gainers’ table, appreciating by N15.50 to close at N180.50 per share.

Forte Oil followed with a gain of N1.44 to close at N31.30, while Nigerian Breweries increased by N1 to close at N111 per share.

Custodian and Allied Insurance added 57k to close at N6.27, while UACN grew by 35k to close at N13.55 per share.

NAN reports that investors bought and sold 287.09 million shares valued at N3.75 billion transacted in 3,526 deals.

This was in contrast with a turnover of 213.20 million shares worth N3.76 billion in 4,043 deals on Tuesday.

Access Bank was the most active stock during the day, trading 116.02 million shares worth N1.21 billion.

Zenith International Bank followed with an account of 41.05 million shares valued at N999 million, while Transcorp sold 23.73 million shares worth N29.14 million.

Guaranty Trust Bank traded 14.65 million shares valued at N588.85 million, while FBN Holdings exchanged 12.43 million shares worth N129.80 million.

Commenting, Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the persistent lull to political uncertainties surrounding the 2019 general elections.

Omordion added that foreign portfolio investors’ exit from the country on the back of the rise in interest rates in the United States contributed to the downward trend.

He said that most foreign investors were exiting the market ahead of the 2019 elections.

Omordion, however, said that market direction would be ascertained from August after the major political parties’ primaries.

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