Index dips by 0.2 per cent as bears strengthen hold

The bears have continued to strengthen their hold on the equities sector of the Nigerian Exchange Limited (NGX) as the All-share index dipped further by 0.2 per cent, amid losses BUA Cement Plc and 24 others led the local bourse to a southward close with a decline of N372 billion.

The All-Share Index (ASI) lost 653.89 points, representing a decline of 0.67 per cent to close at 96,928.52 points. Also, market capitalisation declined by N372 billion to close at N55.033 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; BUA Cement, Eterna, Fidson Healthcare, Guaranty Trust Holding Company (GTCO) and Nigerian Aviation Handling Company (NAHCO).

On market outlook, analysts at SCM Capital said: “The Nigerian equity market closed negative at the end of today’s trading. As investors’ appetite continues to wane, we foresee alternating sentiments marked by increased volatility and profit-taking.”

As measured by market breadth, market sentiment was positive, as 30 stocks gained relative to 25 losers. Academy Press and NASCON Allied Industries emerged as the highest price gainers of 10 per cent each to close at N2.20 kobo and N32.45 respectively, while Oando followed with a gain of 9.89 per cent to close at N30.55 kobo.

Skyway Aviation Handling Company increased by 9.80 per cent to close at N22.40 kobo, while R.T. Briscoe Nigeria added 9.78 per cent to close at N1.01 kobo. On the other side, BUA Cement led the losers’ chart with 9.99 per cent to close at N128.90 kobo. Thomas Wyatt Nigeria followed with a decline of 8.52 per cent to close at N1.61 kobo while Champion Breweries shed 7.97 per cent to close at N2.77 kobo.

Eterna depreciated by 7.37 per cent to close at N17.60 kobo, while Fidson Healthcare was down by 6.78 per cent to close at N13.75 kobo.

The total volume traded rose by 38.64 per cent to 449.21 million units, valued at N6.735 billion, and exchanged in 9,381 deals. Transactions in the shares of United Bank for Africa (UBA) led the activity with 62.827 million shares worth N1.308 billion. Oando followed with an account of 36.158 million shares valued at N1.101 billion, while Veritas Kapital Assurance traded 33.507 million shares valued at N28.818 million.

Sterling Financial Holdings Company traded 33.244 million shares worth N127.805 million, while Access Holdings traded 30.963 million shares worth N575.290 million.