Bearish hold weakens market index further by 0.5 per cent
Equity transactions sustained the sliding profile at the end of trading yesterday, recording three days of consecutive downturn, as the bears maintained their hold, causing the All-share index to dip further by 0.5 per cent.
Consequently, the All -share index (ASI), fell by 136.68 points or 0.48 per cent to 28,286.08 points. Similarly, the market capitalisation shed N51 billion to close at N10.627 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; Forte Oil, Cement Company of Nigeria (CCNN), Dangote Flour Mills, Dangote Cement, and Union Bank of Nigeria (UBN).
Like it did for Tuesday trading, Analysts at APT Securities and Funds Limited, said: We expect further moderation of the ASI, as foreign investors remain on the sidelines in the absence of major economic triggers. However, this will be diluted by value investors positioning for long term.”
Also, Afrinvest Securities Limited, anticipated a possible rebound before close of the week, as investors are expected to stake their fund in fundamental stocks with attractive entry prices.
Market breadth was negative with 11 gainers against 17 losers. Chams recorded the highest price gain of 9.09 per cent to close at 36 kobo per share. Associated Bus Company followed with eight per cent to close at 27 kobo, while Thomas Wyatt Nigeria gained 7.41 per cent to close at 29 kobo, per share.
Veritas Kapital Assurance rose five per cent to close at 21 kobo, while Mutual Benefit Assurance gained 4.76 per cent to close at 22 kobo, per share. On the other hand, Wapic Insurance led the losers’ chart with 10 per cent to close at 36 kobo, per share.
Forte Oil followed with 9.87 per cent to close at N31.50, while Champion Breweries fell 9.79 per cent to close at N1.25, per share.CCNN shed 9.15 per cent to close at N13.90, and Courteville Business Solutions 7.69 per cent to close at 24 kobo, per share.
Also, the total volume traded fell 18.10 per cent to 176.74 billion units worth N2.08 billion, exchanged in 3,294 deals. Access Bank traded with 35.76 million shares valued at N241.69 billion. UAC of Nigeria (UACN) followed with 21.51 million shares worth N161.38 million, while United Bank for Africa (UAB) traded 18.78 million shares at N114.01 million.Guaranty Trust Bank traded 17.44 million shares valued at N551.13 billion, and Zenith Bank transacted 12.78 million shares at N255.59 million.