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Bears sustain dominance as indices depreciate further by N9 billion

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The bears hold grew stronger on the equities sector of the Nigerian Stock Exchange (NSE), even as more bluechip stocks join the league of losers, resulting to a further decline in market capitalisation by N9billion.

Specifically, at the close of trading yesterday, the All-Share Index (ASI), decreased by 24.48 absolute points, representing a dip of 0.09 per cent to close at 27,523.08 points. Similarly, the market capitalisation lost N9billion to close at N14.338trillion.

The downtrend was impacted by losses recorded in large and medium value stocks, amongst which were; Forte Oil, Custodian Investment, Guaranty Trust Bank, NCR Nigeria, and Dangote Sugar Refinery.

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Analysts at Afrinvest Limited, said: “Despite opportunities for bargain-hunting, we maintain our bearish outlook on the equities market in the near term.”

Market sentiment, as measured by market breadth, was negative, as 17 tickers declined, relative to 13 gainers.

United Capital recorded the highest price gain of 9.90 per cent to close at N3.22 per share. Africa Prudential followed with 9.87 per cent to close at N5.12, while Aiico Insurance appreciated 9.76 per cent to close at 90 kobo, per share.

C&I Leasing rose 9.48 per cent to close at N6.35, and Unity Bank 9.26 per cent to close at 59 kobo, per share.
On the other hand, AXA Mansard Insurance led the losers’ chart by 10 per cent to close at N1.80 per share.

Forte Oil followed with 9.97 per cent to close at N16.70, while Custodian Investment dipped 9.92 per cent to close at N5.45, per share.

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NCR Nigeria lost 9.40 per cent to close at N2.70, while Law Union and Rock Insurance shed 9.09 per cent to close at 90 kobo, per share.

However, the total volume traded rose by 72.6 per cent to 290.15 million shares worth N5.02 billion, traded in 3,528 deals.

Transactions in the shares of Guaranty Trust Bank topped the activity chart with 79.35 million shares valued at N2.26billion. Zenith Bank followed with 40 million shares worth N780.85million.

FBN Holdings (FBNH) traded 34.62 million shares valued at N199.53million.

Japaul Oil and Maritime Services traded 16.31 million shares at N3.26million, while United Bank for Africa (UBA) transacted 15.74 million shares worth N120.45million.

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