Bears sustain dominance as index slumps further by 0.5%
The bears sustained dominance on the equities sector of the Nigerian Stock Exchange (NSE) yesterday, as more blue-chip stocks joined the league of losers, resulting to a further slump in the All-Share Index by 0.5 per cent.
Specifically, at the close of transactions yesterday, the All -share Index (ASI) shed 140.52 absolute points, representing a dip of 0.5 per cent to close at 29,668.68 points, while the Year-to-Date losses increased to 5.61 per cent. Also, the market capitalisation shed N62 billion to close at N13.074 trillion.
Yesterday’s performance was influenced by price depreciation in medium and large capitalised stocks, among which are, Seplat Petroleum Development Company (Seplat), Forte Oil, MTN Nigeria, Stanbic IBTC and Nigerian Breweries.
Analysts at APT Securities and Funds Limited said: “We retain our cautious trading advice in the short run. However, accumulation of fundamentally justified and dividend paying stocks for mid to long term is recommended.”
Afrinvest Limited stated: “In the absence of catalysts to propel investor sentiment, we maintain our bearish outlook on the equities market.”
Market breadth was negative with 14 gainers as against 22 losers. Sovereign Trust Insurance recorded the highest price gain of 9.52 per cent to close at 23 kobo, per share.
Cement Company of Northern Nigeria (CCNN) followed with a gain of 9.47 per cent, to close at N13.30, while Champion Breweries rose by 8.33 per cent to close at N1.69, per share.
Livestock Feeds rose by 5.66 per cent to close at 56 kobo, while Jaiz Bank gained 4.44 per cent to close at 47 kobo, per share.
On the other hand, Forte Oil led the losers’ chart by 9.38 per cent to close at N29, per share.
NEM Insurance followed with a decline 8.73 per cent to close at N2.30, while Prestige Assurance declined by 8.47 per cent to close at 54 kobo, per share.
AIICO Insurance dropped by 4.35 per cent to close at 66 kobo, while United Bank for Africa (UBA) lost 3.91 per cent to close at N6.15, per share.
The total volume traded went down by 55.83 per cent to 253.39 million units, valued at N4.12 billion, and exchanged in 3,836 deals. Guaranty Trust Bank traded 50.44 million shares valued at N1.57 billion.
Zenith Bank followed with 22.2 million shares worth N443.83 million, while Custodian Investment traded 21.42 million shares valued at N119.89 million.
Access Bank traded 20.46 million shares valued at N135.87 million, while UBA transacted 17.45 million shares worth N110.46 million.
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