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Bears sustain dominance as investors’ wealth slumps further by 0.3 per cent

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NSE’s Building, in Lagos

The dominance of the bears has continued unabated on the equities sector of the Nigerian Stock Exchange (NSE), occasioned by losses in highly capitalised stocks, resulting to a further slide in the All-Share Index (ASI) by O.3 per cent.

Specifically, at the close of transactions yesterday, the ASI fell by 69.19 points or 0.3 per cent to 27,283.05 points, as investors lost N34 billion in value with market capitalisation declining to N13.281 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, among which were Dangote Cement, Guinness Nigeria, MTN Nigeria, Skyway Aviation Handling Company and Zenith Bank.

The Chief Operating Officer of InvestData Consulting Limited, Ambrose Omordion, said the market maintained its volatile pattern as the ASI declined further, extending the negative sentiments for the third consecutive sessions amid continued sell down and profit-taking ahead of quarter-end window dressing by fund managers and the onset of the third-quarter earnings reporting season in October.

Also, analysts at Afrinvest Limited argued that the bearish momentum would be sustained in subsequent sessions as investors maintained a risk-off approach towards equities.

Market breadth closed negative, with 13 gainers versus 15 losers. Continental Reinsurance recorded the highest price gain of 9.55 per cent, to close at N1.72 per share.

Cornerstone Insurance and Custodian Investment followed with a gain 7.69 per cent each, to close at 42 kobo and N6.30 respectively, per share.

Access Bank went up by 5.11 per cent to close at N7.20, while International Breweries and NEM Insurance appreciated by five per cent each, to close at N12.60 and N2.10 respectively, per share.

On the other hand, Skyway Aviation Handling Company led the losers’ chart by 9.89 per cent, each to close at N4.19, per share. NPF Microfinance Bank followed with a decline of 9.84 per cent to close at N1.10, while UACN Property Development Company lost 9.38 per cent to close at N1.16, per share.

Livestock Feeds lost 8.51 per cent to close at 43 kobo, while Courteville Business Solutions shed 4.76 per cent to close at 20 kobo, per share.

However, the total volume traded rose by 200.1 per cent to 462.31 million shares, worth N7.92 billion, and traded in 2,895 deals. Transactions in the shares of Access Bank topped the activity chart with 133.53 million shares valued at N926.42 million. Custodian Investment followed with 88.64 million shares worth N558.4 million, while Nigerian Breweries traded 71.09 million shares valued at N3.73 billion.

FBN Holdings traded 31.27 million shares valued at N168.91 million, while Union Bank of Nigeria (UBN) transacted 19.18 million shares worth N126.67 million.

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