Bearish run plunges market index further by N46 billion

The Nigerian Stock Exchange (NSE), sustained a bearish run for the third consecutive day, occasioned by price losses in most bellwethers, resulting to a further depreciation in market capitalisation by N46 billion.

Specifically, at the close of transactions yesterday, the All-share index (ASI) shed 130.00 absolute points, or a 0.45 per cent dip to close at 28,966.41 points. Similarly, the market capitalisation shed N46 billion to close at N10.887 trillion.

Wednesday’s performance was influenced by price depreciation in medium and large capitalised stocks, among which were, Dangote Cement, Mobil Nigeria, Guaranty Trust Bank, Nigerian Breweries, and Access Bank.

Analysts at Afrinvest Limited, said: “With the Relative Strength Index (RSI) of the ASI at 28.4, below the oversold region, and the strong investor sentiment, we anticipate a rebound in the near term. Nevertheless, we do not rule out the possibility of sustained sell-offs in subsequent trading sessions this week.”

Market breadth closed at par, recording 21 gainers and 21 losers. Beta Glass recorded the highest price gain of 9.97 per cent to close at N68.95, while Livestock Feeds followed with 6.78 per cent to close at 63 kobo per share.

Eterna garnered 5.13 per cent to close at N4.10, while Dangote Flour Mills, and Niger Insurance each rose five per cent to close at N16.80, and 21 kobo, per share, respectively.
On the other hand, Goldlink Insurance led the losers’ chart with 10 per cent to close at 27 kobo per share.

Chams followed with 9.43 per cent to close at 48 kobo, while Japaul Oil & Maritime Services shed 9.09 per cent to close at 30 kobo, per share.

Sovereign Trust Insurance fell eight per cent to close at 23 kobo, while A.G. Leventis Nigeria was down 7.41 per cent to close at 26 kobo, per share.

Total volume traded retreated 24.6 per cent to 324.81 billion units, valued at N3.24 billion, exchanged in 3,631 deals. United Bank for Africa (UBA) traded the highest with 59.7 million shares valued at N409.02 million.

Access Bank followed with 46.41 million shares worth N327.44 million, while Sterling Bank traded 40.28 million shares at N103.66 million.

Zenith Bank traded 32.22 million shares worth N661.7 million, and Courteville Business Solutions sold 16.39 million shares at N4.1 million.