Bears dominate trading as index dips further by 0.07%

The bears sustained dominance on the Nigerian Stock Exchange (NSE) as more blue-chip stocks depreciated, resulting in a further decline in the All Share Index (ASI) by 0.07 per cent yesterday.

The ASI fell by 29.03 points or 0.07 per cent to 40,465.32 points. Accordingly, investors lost N15 billion in value as market capitalisation declined to N21.169 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Beta Glass, Japaul Gold and Ventures, Fidson Healthcare, Consolidated Hallmark Insurance and Vitafoam Nigeria.

Reacting to market performance, analysts at Afrinvest Limited said “We believe bargain hunting would boost the performance of the market this week as prices remain attractive.”

Market sentiment, as measured by market breadth, was negative, as 22 stocks lost, relative to 18 gainers. Julius Berger recorded the highest price gain of 9.73 per cent to close at N20.30 kobo.

LivingTrust Mortgage Bank, formerly Omoluabi Mortgage Bank followed with a gain of 9.68 per cent to close at 68 kobo, while Honeywell Flour Mill gained 9.60 per cent to close at N1.37 kobo.

Cornerstone Insurance went up by 9.26 per cent to close at 59 kobo, while UPDC Real Estate Investment Trust appreciated by 7.41 per cent to close at N5.80 kobo.

On the other hand, Beta Glass led the losers’ chart by 9.75 per cent to close at N50.00. Japaul Gold and Ventures followed with a decline of 8.86 per cent to close at 72 kobo, while Fidson Healthcare lost 8.55 per cent to close at N5.35 kobo.

Consolidated Hallmark Insurance lost 7.89 per cent to close at 35 kobo, while Vitafoam Nigeria shed 7.56 per cent to close at N7.95 kobo.

The total volume traded declined by 31.49 per cent to 244.202 million shares, worth N2.654 billion, and traded in 4,083 deals. Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 52.315 million shares valued at N381.499 million.

Transnational Corporation of Nigeria (Transcorp) followed with 24.806 million shares worth N23.819 million, while Guaranty Trust Bank traded 16.531 million shares valued at N512.526 million.

Zenith Bank traded 13.978 million shares valued at N349.275 million while Vitafoam Nigeria transacted 12.080 million shares worth N94.519 million.