Bearish run persists as index plummets further by 0.09%

Persistent bearish run at the nation’s bourse extended losses for the second consecutive session, resulting to a further decline in the All Share Index (ASI) by 0.09 per cent.

Specifically, at the close of trading yesterday, the ASI fell by 24.25 points or 0.09 per cent to 26,365.83 points. Accordingly, investors lost N12 billion in value as market capitalisation declined to N12.835 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; MTN Nigeria, Eterna, Cadbury Nigeria, May and Baker Nigeria, and Dangote Cement.

Analysts at Afrinvest Limited, said: “In the absence of policy levers to upturn the market, we maintain our bearish outlook on the equities market.”

Market breadth closed slightly negative, with 12 gainers versus 13 losers. Courteville Business Solutions recorded the highest price gain of 10 per cent to close at 22 kobo per share.

Cutix followed with a gain of 9.92 per cent to close at N1.44, and Cornerstone Insurance by 8.57 per cent to close at 38 kobo, per share.

Neimeth International Pharmaceuticals rose 8.11 per cent to close at 40 kobo, while Consolidated Hallmark Insurance appreciated by 3.03 per cent to close at 34 kobo, per share.

On the other hand, Eterna led the losers’ chart with 9.52 per cent, to close at N2.85 per share. Omoluabi Mortgage Bank followed with 9.09 per cent to close at 50 kobo.

May and Baker Nigeria fell 8.68 per cent to close at N2.00, per share. Law Union & Rock Insurance shed 7.84 per cent to close at 47 kobo, and FCMB Groups 4.76 per cent to close at N1.60, per share.

Investors staked N7.827 billion on 694.02 million shares in 2,780 deals. The volume of shares traded increased by 182.3 per cent per cent over the 245.85 million shares valued at N1.36 billion traded in 2,514 deals, the previous trading day.

Transactions in the shares of Zenith Bank topped the activity chart with 357.23 million shares valued at N6.18 billion. Omoluabi Mortgage Bank followed with 174.25 million shares worth N95.79 million, while Fidelity Bank traded 31.80 million shares at N53.96 million.

May and Baker traded 28.03 million shares valued at N56.07 million, while Guaranty Trust Bank sold 25.33 million shares worth N666.27 million.