NSE halts upward trend, loses N14bn

The Nigerian Stock Exchange (NSE) closed on a negative note on Thursday, losing N14 billion, a reversal from the upward trend that has been recorded in the past weeks.

On Tuesday, the market had hit a 35-month high as market capitalisation closed at N13 trillion.

On Thursday, market capitalisation closed at N13,133,014,599,205.56 as against the 13,147,204,389,996.03 it closed at on Wednesday.

Market breadth closed negative as Nestle led 20 gainers as against 27 losers topped by Total.

Nestle shares gained N16.01 to close at N1216.01 as against the previous close of N1200. Guinness gained N3.5 to close at N91 as against the previous close of N87.5.

Unilever gained N2.05 to close at N43.05 as against the previous close of N41. Stanbic gained N1.5 to close at N40 as against the previous close of N38.5.

Conoil gained N1.44 to close at N34.3 as against the previous close of N32.86.

On the losers’ chart, Total lost N11 to close at N249 as against the previous close of N260. Forte Oil lost N5.78 to close at N53.76 as against the previous close of N59.54.

Dangote Sugar lost 69 kobo to close at N13.56 as against the previous close of N14.25. Nascon lost 66 kobo to close at N12.57 as agaisnt the previous close of N13.23.

Zenith bank lost five kobo to close at N24 as against the previous close of N24.5.

While announcing the Central Bank of Nigeria (CBN) monetary policy committee decision, Godwin Emefiele, CBN governor, had warned investors not to be carried away by the gains on the bourse saying that the stock exchange market is in a bubble.