Bearish sentiments persist as indices plunge further by N55b

Following persistent price losses incurred by bellwether stocks, transactions on the floor of the Nigerian Stock Exchange (NSE), continued on a downward note yesterday, causing market capitalisation dip further by N55 billion.

As a result, the All-share Index (ASI) was down by 150.24 absolute points, representing a decrease of 0.48 per cent to close at 31,023.47 points. Similarly, the market capitalisation decreased by N55 billion, closing at N11.326 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Nigerian Breweries, Zenith Bank, Oando, and FBN Holdings.

Analysts at Afrinvest Limited said: “Despite the bearish run in yesterday’s session, we observed some bargain hunting especially in bellwethers that declined earlier in the week. We therefore believe that an increase buying activities will drive market performance in the remaining trading sessions.”

Market breadth closed negative, recorded 12 gainers against 22 losers. Continental Reinsurance witnessed the highest price gain of 10 per cent to close at N1.87 per share. May and Baker Nigeria followed with a gain of 9.96 per cent to close at N2.54, while Cutix rose by 9.64 per cent to close at N1.82, per share.

PZ Cussons Nigeria appreciated by 8.06 per cent to close at N11.40, while AG Leventis Nigeria rose 7.41 per cent to close at 29 kobo per share.

On the other hand, Diamond Bank led the losers’ chart by 9.88 per cent, to close at 73 kobo per share. NEM Insurance followed with a decline of 9.85 per cent to close at N2.37, while Wema Bank lost 8.77 per cent to close at 52 kobo per share.

Neimeth International Pharmaceuticals shed 6.67 per cent to close at 56 kobo, while Unity Bank depreciated by 6.41 per cent to close at 73 kobo per share.

The total volume traded appreciated by 21.39 per cent to 220.4 million shares worth N2.73 billion traded in 3,252 deals. Transactions in the shares of Access Bank topped the activity chart with 54.17 million shares valued at N385.41 million.

FCMB Group followed with 31.52 million shares worth N45.71 million, while Diamond Bank traded 16.66 million shares valued at N12.66 million.

United Bank for Africa (UBA) traded 11.52 million shares valued at N85.19 million, while Regency Alliance Insurance transacted 11.1 million shares worth N2.22 million.