Oil Marketers Drag NSE Index Down 0.27%

Oil Marketers Drag NSE Index Down 0.27%
August 28 05:36 2014 Print This Article

OIL-INSTALLATIONThe Nigerian stock market Wednesday further closed on the negative trajectory as activities on the shares of oil and gas major players, pulled down the momentum of business, enabling the bears to sustain their stronghold in the Nigerian capital market.

The dominance led to a further drop of N37 billion in market capitalisation.

Three oil firms; Forte Oil Plc, Conoil and MRS Oil along with other blue chips shed weight, dragging the market southwards. This was due to profit taking by investors in the wake of the cautious optimism that has prevailed in the market in the recent times.

The twin market performance benchmark, the All-Share Index and market capitalisation, dropped 0.27 per cent as the market tempo lowered.

At the close of trading in the day, 16 stocks recorded price appreciation as against 19 on Tuesday, while 27 others constituted the losers’ table as against 33 recorded on Tuesday.

The twin market indicators, the All-Share Index dropped by 114.13 basis points or 0.27per cent from 41,235.25, the previous day to close at 41,121.12, while the market capitalisation dropped by N37 billion or 0.27 per cent  from N13.615 trillion to N13.578 trillion.

Further analysis of the day’s trading showed that Seven-Up Bottling Company topped the day’s gainers’ table with 722kobo to close at N134.00 per share, followed by  Beta Glass which added 174 kobo to close at N18.85 per share, while  Oando Nigeria followed with 45 kobo to close at N25.50 per share, among others.

On the flip side, Forte Oil led 26 other losers with a drop of N11.56 to close at N220.55per share, followed by  Conoil  which shed N3.50 to close at N68.00 per share, while MRS Oil followed with N2.94 to close at N58.90 per share, among others.

On the activity chart, the banking sub-sector dominated in volume terms with 223.5 million shares worth N2.3 million in 1,647 deals as against 129.741 million shares valued at N1.095 billion in 2,266 transactions recorded on Tuesday.

The sub sector was enhanced by the activities in the shares of Access Bank and GTB .

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