Transactions on the equities sector of the Nigerian Stock Exchange (NSE) sustained sliding profile for the third consecutive days, just as the All-Share Index (ASI) dropped below 30,000 basis points (bps).Yesterday, ASI was down by 558.04 absolute points, representing 1.85 per cent decline to 29,668.73 points, while the market capitalisation decreased by N209 billion, closing at N11.14 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were Dangote Cement, International Breweries, Cement Company of Northern Nigeria (CCNN), Guaranty Trust Bank and Zenith Bank.

Analysts at Cordros Capital Limited said: “In the absence of a positive catalyst, we guide investors to trade cautiously in the short term. However, stable macro-economic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.”

The market breadth closed negative, with eight gainers against 26 losers, as Nigerian Breweries recorded the highest price gain of 5.45 per cent, to close at N60 per share, followed by Cornerstone Insurance, with a gain of five per cent to close at 21 kobo.

Sovereign Trust Insurance appreciated by 4.55 per cent to close at 23 kobo per share, as Sterling Bank appreciated by 3.77 per cent to close at N2.48, while Nestle Nigeria gained 3.57 per cent to close at N1,450 per share. On the other hand, Access Bank and Consolidated Hallmark Insurance led the losers’ chart by 10 per cent, each closing at N5.85 and 27 kobo respectively, while Aiico Insurance followed with a decline of 9.86 per cent to close at 64 kobo per share.

CCNN declined by 9.75 per cent to close at N16.20, while Neimeth International Pharmaceuticals was down by 9.68 per cent, to close at 56 kobo per share.

However, the total volume traded rose by 43.94 per cent to 542.58 million shares, worth N5.66 billion, and traded in 4,146 deals.Transactions in the shares of Sterling Bank topped the activity chart with 144.19 million shares valued at N348.93 million. FCMB Group followed with 68.72 million shares worth N125.63 million, while FBN Holdings traded 55.02 million shares valued at N414.96 million.
Zenith Bank traded 35.7 million shares valued at N739 million, while Access Bank transacted 35.4 million shares worth N207.35 million.