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Market sustains slide as GSK, others lead N1billion losses

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[FILES] Nigerian Stock Exchange (NSE). PHOTO: BLOOMBERG

The Nigerian equities sector sustained a sliding profile at the end of yesterday’s transactions, as more blue-chip stocks, especially GSK, African Prudential, and others joined the league of losers, resulting in a further slide in market capitalisation by N1 billion.
   
At the close of trading Wednesday, at the Nigerian Stock Exchange (NSE), the All-Share Index (ASI) fell by 0.92 absolute points, about 0.004 per cent down to close at 24,173.53 points. Similarly, the overall market capitalisation shed N1 billion to close at N12.610 trillion.
 
The marginal downturn witnessed in the market was as a result of price depreciation in the shares of GlaxoSmithKline (GSK) Consumer Nigeria, Africa Prudential, Caverton Offshore Support Group, Sterling Bank, and Consolidated Hallmark Insurance.
 
On market performance, analysts at APT Securities and Funds Limited said: “It will be notable to point out that half-year financial reports have started rolling in, Jaiz Bank, Skyway Aviation Handling Company, Unilever Nigeria amongst others.
   
“We advise for positioning in fundamentally justified stocks at this time as the market is set to rally in response to half-year corporate actions.”
 
Also, Vetiva capital said: The market continued to trade range-bound as investors adopted cautious trading strategies amidst market volatility.
 
“We expect another mixed trading session tomorrow; as investors continue to cherry-pick attractive names while taking profit on those that have increased in value in recent times.”
   
Market breadth augmented with nine stocks apiece. Eterna recorded the highest price gain of 8.89 per cent to close at N1.96 per share. May and Baker Nigeria followed with 7.91 per cent to close at N3.00, and NPF Microfinance Bank rose 7.58 per cent to close at N1.42, per share.
   
Neimeth International Pharmaceuticals edged up 7.14 per cent to close at N1.50, while Cutix garnered 3.90 per cent to close at N1.60, per share.
   
On the other hand, GlaxoSmithKline led the losers’ chart by 9.52 per cent, to close at N4.75, per share. Consolidated Hallmark Insurance followed with 8.16 per cent to close at 45 kobo, and Prestige Assurance slipped 6.12 per cent to close at 46 kobo, per share.
 
Africa Prudential lost 4.07 per cent to close at N4.01, while Sterling Bank shed 3.28 per cent to close at N1.18, per share.
   
Meanwhile, the total volume traded rose by 32.37 per cent to 402.636 million shares worth N4.554 billion, traded in 3,252 deals. Transactions in the shares of UAC of Nigeria (UACN) topped the activity chart with 136.722 million shares valued at N786.722 million.
 
Nigerian Breweries followed with 52.619 million shares worth N1.631 billion, and Multiverse Mining and Exploration traded 50 million shares valued at N10 million.
   
Sterling Bank traded 29.201 million shares valued at N35.729 million, while FBN Holdings transacted 18.415 million shares worth N91.193 million.

 


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