Bears regain dominance as prices of major stocks dip

The bears regained dominance on the equities sector of the Nigerian Stock Exchange (NSE), as more bluechip stocks depreciated in price, causing the All-share index to plunge by 0.37 per cent.

Specifically, at the close of transactions yesterday, market capitalisation of listed declined by 0.37 per cent to N12.830 trillion from N12.878 trillion reported the previous day.

The NSE All -share index also shed 99.78 basis points to 26357.61 points from 26456.39 reported on Tuesday.
Investors traded 610.575 million shares worth N11.104 billion in 5031 deals against 378.346 million shares worth N7.150 billion, which exchanged hands previously in 4798 deals.

Analysts at Afrinvest, said: “As sentiment still remains weak toward the stock market, we maintain our bearish outlook in the absence of catalysts to spur investors’ appetite for equities.”

Further breakdown of Wednesday’s trading showed that Guinness Nigeria Plc led the gainers table with N0.40 kobo to close at N23.70 kobo, Zenith Bank Plc followed with N0.40 kobo to close at N17.80 kobo, and Access Bank added N0.30 kobo to close at N9.85 kobo, per share.

Vitafoam Nigeria Plc and FBNHolding, each gained N0.10 kobo to close at N3.65 kobo, and N5.70 kobo, per share, respectively.
On the contrary, Total Nigeria Plc recorded the highest loss during the day, dropping N12.30 kobo to close at N110.90 kobo per share.

Dangote Cement Industries trailed with a loss of N2.20 kobo to close at N145.00, and Unilever Nigeria Plc was down N1.10 kobo to close at N18.50 kobo, per share.

Guaranty Trust Bank Plc fell by N0.70 kobo to close at N28.00, and PZ industries shed N0.55 kobo to close at N5.00, per share.

The result further showed that Zenith Bank Plc was the toast of investor, as it traded 336.611 million shares worth N5.794 billion, Access Bank Plc followed with account of 73.797 million shares at N714.199 million, Nigerian Breweries traded 63.835 million shares worth N3.013 billion.

Guaranty Trust Bank sold a total of 24.252 million shares cost N695.556 million, and United Bank for Africa exchanged 16.382 million shares valued at N110.798 million.