Equities re-open negative as index falls by 0.27 per cent

Following losses suffered by most high capital stocks, transactions on the trading floor of the Nigerian Stock Exchange (NSE), reopened on a downturn yesterday, causing the All-share index to fall by 0.27 per cent.

Yesterday, the All Share Index (ASI) shed 67.17 absolute points, a 0.27 per cent loss to close at 25,132.67 points. Accordingly, investors lost N35 billion in value as market capitalisation slipped to N13.111 trillion.

The downturn was impacted by losses recorded in medium and large value stocks, including Dangote Cement, Vitafoam Nigeria, UAC of Nigeria (UACN), International Breweries, and United Capital.

Analysts at United Capital Plc, said: “We believe a bullish catalyst could be triggered by the publication of a strong earnings report from the outstanding tier-one banking names.”

Their counterparts at Afrinvest Limited, noted that, “Given the sell-offs that dominated the trading session, we anticipate bargain-hunting in subsequent trading days.”

However, market breadth closed positive, 17 stocks posted gains while 15 that declined. Unilever Nigeria recorded the highest price gain of 10 per cent to close at N13.75 per share. Northern Nigeria Flour Mills (NNFM) followed with 9.82 per cent to close at N4.25, while Julius Berger rose by 9.63 per cent to close at N16.50, per share.

AXA Mansard Insurance rose 9.43 per cent to close at N1.74, and Ardova Plc advanced 9.41 per cent to close at N13.95, per share.

On the other hand, Livestock Feeds led the losers’ chart by 8.33 per cent, to close at 55 kobo per share. Vitafoam Nigeria followed with a 5.22 per cent fall to close at N5.45, and International Breweries declined by 3.51 per cent to close at N2.75, per share.

Honeywell Flour Mill lost 3.16 per cent to close at 92 kobo, while Cutix shed 2.78 per cent to close at N1.75, per share.

The total volume traded fell by 66.59 per cent to 161.232 million shares worth N1.846 billion, traded in 3,597 deals. Transactions in the shares of Guaranty Trust Bank topped the activity chart with 19.033 million shares valued at N472.192 billion. Zenith Bank followed with 18.601 million shares worth N311.497 million, while Sterling Bank traded 14.33 million shares valued at N16.747 million.

FBN Holdings traded 12.708 million shares at N63.818 million, while International Breweries transacted 11.238 million shares worth N31.108 million.