Equities Shed 2.4% As Zenith, Guaranty Trust Banks Adjust Dividends

Equities Shed 2.4% As Zenith, Guaranty Trust Banks Adjust Dividends
Oladejo Amos
Trading in equities closed on a negative note on the Nigerian Stock Exchange on Tuesday over selling pressure fuelled by a slide in investors’ appetite.
Also, dividend adjustments on the share prices of Zenith Bank and Guaranty Trust Bank pulled down the benchmark index.
The All Share Index depreciated 2.40 per cent to close at 25,277.29 points, compared to the appreciation of 0.63 per cent recorded last Thursday to close at 25,899.91 points.
Market capitalisation lost N215billion to close at N8.694 trillion, as against the increase of N56 billion recorded the preceding day to close at N8.909 trillion.
Stock analysts noted that the market remains short term speculative driven, as investors seem to have adopted a defensive posture with macro environment in focus.
Dangote Sugar Plc led the gainers’ table with 28 kobo or 4.91 per cent to close at N5.98 per share, followed by PZ Cussons Plc with N1.11 or 4.87 per cent to close at N23.90 per share.
United Bank for Africa Plc gained 18 kobo or 4.76 per cent to close at N3.96 per share, while Total Plc added N6.49 or 4.64 per cent to close at N146.50 per share.
Eterna Oil Plc appreciated eight kobo or 4.55 per cent to close at N1.84 per share, while NEM Insurance Plc was up two kobo or 2.67 per cent to close at 77 kobo per share.
Conversely, Nigerian German Plc lost 45 kobo or 9.64 per cent to close at N4.22 per share, while Diamond Bank Plc dropped 12 kobo or 9.23 per cent to close at N1.18 per share.
Skye Bank Plc dipped seven kobo or 7.07 per cent to close at 92 kobo per share, while Ashaka Cement Plc depreciated N1.20 or five per cent to close at N22.80 per share.
Cement Company of Northern Nigeria Plc declined 43 kobo or five per cent to close at N8.17 per share, while Nigerian Breweries fell N5.67 or 4.99 per cent to close at N111.83 per share.
The total value of stocks traded was N1.34billion, down 59.21 per cent from N3.28billion recorded last Thursday.
The total volume of stocks traded was 282.70million in 3,225 deals and the three most actively traded stocks were FCMB, Guaranty Trust Bank and United Bank for Africa.