The stock market looks set for a bearish close for the week as major market movers like Dangote cement, Nigeria Breweries look set to drag the NSE ASI down.
As at midday Dangote Cement which accounts for close to 30 percent of the total market capitalisation of the NSE was down by six percent from N228 to N214.
The stock is already trading at its lowest this year but still higher than its lowest of N159 last year. Volume of trade is rising slowly and at the time of reporting stands at 12,714 with a value of N2.73 million.
Nigerian Breweries is down one percent already, falling below its opening of N103 to N102, trading quite closely to its lowest this year of N100.
Another player in the consumer index Nestle, appears to be gaining today with trades picking up quite well.
The oil and gas index have seen little or no action today with major players like Seplat yet to see any trades. 11 plc has traded a volume of 30 with a value of N10,014.
Total Plc’s stock price has also fallen by three percent. The share price fell from its opening price of N190 to N185. Conoil is also down by 2.8 percent.
The financial index is seeing the most trades with key players like GTBank having a volume of 86,000 trades at a value of N3.35 million. However, the pace seems to be slowing down as the share price hovers around its opening price of N39.
Zenith is back to its opening price of N23.6 after falling by 0.2 percent. It has traded 4.7 million shares so far.
Trading on FBNH is also picking up quite well with a volume of 1.8 million and a value of N17.1 million trading around N9.5, the same as its yesterday’s closing price.
