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Equities sustain sliding profile as index plummets further by N84b


Nigerian Stock Exchange

Transactions on the trading floor of the Nigerian Stock Exchange (NSE), continued on a downturn yesterday, even as more bluechip stocks depreciated in price, resulting in a further decline in market capitailisation by N84 billion.

Specifically, at the close of transactions Monday, the All-Share Index (ASI), shed 174.21 absolute points, or 0.65 per cent to close at 26,681.31 points. Similarly, the market capitalisation lost N84 billion and closed at N12.878 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; Guaranty Trust Bank, Cadbury Nigeria, Berger Paints, Dangote Cement, and CI Leasing.

Analysts at Afrinvest Limited, said: “We maintain our bearish stance for the market, although the current low prices of stocks present opportunities for bargain hunting.”


Also, Investdata Consulting Limited, said: “We expect mixed performance in the new week, on profit-taking, capital wave and expecting local fund managers to extend their position in undervalued equities with sound fundamentals, as domestic economy macroeconomic indicators look seemingly positive ahead of policy statements and economic reforms.

“Discerning investors, nonetheless, should take advantage of the current low stocks valuation to position for medium to long term. It is noteworthy that the market is selling at a discount to give high upside potential.

“We would, however, not overlook the possibility of a bargain-hunting motive supporting positive performance, especially with many fundamentally sound stocks remaining underpriced.”

Market breadth was negative, with five gainers versus 28 losers. AXA Mansard Insurance recorded the highest price gain of 9.09 per cent to close at N1.80 per share.

Cornerstone Insurance followed with 7.94 per cent to close at 68 kobo, while Eterna rose by 7.14 per cent to close at N3.00, per share. NPF Micro Finance Bank garnered 3.60 per cent to close at N1.15 per share.

Fidelity Bank appreciated 0.99 per cent to close at N2.04 per share.
On the other hand, Berger Paints led the losers’ chart with 10 per cent to close at N6.75 per share.

C & I Leasing followed with 9.24 per cent to close at N5.40, while Niger Insurance shed 9.09 per cent to close at 20 kobo, per share.
Cadbury Nigeria lost 8.59 per cent to close at N9.05, while DN Meyer fell 8.47 per cent to close at 54 kobo, per share.

Total volume traded also dipped by 2.21 per cent to 192.68 million shares worth N3.55 billion, traded in 3,594 deals. Transactions in the shares of Zenith Bank topped the activity chart with 24.23 million shares valued at N450.06 million.

UAC of Nigeria (UACN) followed with 19.62 million shares worth N159.33 million, while Dangote Cement traded 12.86 million shares valued at N1.80 million.
FBN Holdings traded 12.25 million shares at N78.01 million, while FCMB Groups transacted 10.02 million shares worth N17.92 million.

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