Economy

 CRUCIAL indices of the Nigerian Exchange Ltd. (NGX) downgraded further on Thursday, dropping by 0.29 per cent following selloffs in highly capitalised stocks

The market capitalisation shed N78 billion or 0.29 per cent to close at N26.723 trillion against N26.05 trillion on Tuesday.

On market movers, the weak performance was driven by selloffs in stocks of  BUA Cement, MTNN as well as Acess Bank Holdings and Okumu Oil.

Similarly, the All-Share Index which opened at 49.691.17 dipped by 144.79 points or 0.29 per cent to close at 49,546.38.

N.E.M. Insurance Company recorded the highest loss to lead the laggards’ table, dropping by 9.98 per cent to close at N3.97 per share.

Okomu Oil came second with a loss of 9.96 per cent to close at N27.50, while University Press dropped  by 9.91 per cent to close at N15.50 per share.

Lasaco Assurance  depreciated by 9.57 per cent to close at N28.70, while Caverton Business solutions also declined by 3.96 per cent to close at N1.05 per share.

Conversely, FTN Cocoa Processors led the gainers’ table, increasing by 10 per cent to close at 33k per share.

Regency Alliance Insurance followed with a gain of  8.7 per cent to close at N52.55, while Prestige Assurance Company  gained 8.33 per cent to close at N3.99 per share.

Red Star Express appreciated by 5.88 per cent to close at N9.50, while Multiverse Mining and Exploration a chalked up by 8.70 per cent to close at N2.10 per share.

The volume of shares traded closed lower as investors bought and sold 146.99 million shares worth N2.65 billion in 3,180 deals.

This was against the N4.12 billion on 128.79 million shares exchanged in 3,492 deals on Wednesday.

FBN Holdings was the most active stock during the day, trading 39 million shares worth N431.89 million.

United Bank for Africa followed with an account of 13 million shares valued at N91.23 million, while Access Bank traded 39.22 million shares worth N80.41million.

Guaranty Trust Holding sold 6.51m shares worth N132.16 million, while Stanbic IBTC Bank exchanged 6.1million shares worth N172.86 million. (NAN)

A.I

Tags: Nigerian Exchange Ltd.