Market sustains sliding profile as index plunges 1.3%

Equity transactions on the trading floor of the Nigerian Stock Exchange (NSE), sustained sliding profile at the end of yesterday’s transactions, occasioned by price losses in the bellwethers, causing the All-share index to plummet further by 1.3 per cent.

Specifically, at the close of transactions, the All -share index (ASI) shed 406.01 absolute points, representing a dip of 1.29 per cent to close at 31,173.71 points. Similarly, the market capitalisation shed N131 billion at N11.381 trillion.

The downturn trend was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Seplat Petroleum Development Company, Mobil Nigeria, Dangote Cement, Forte Oil, and PZ Cussons Nigeria.

Analysts at Cordros Capital stated: “We guide investors to trade cautiously in the short to medium term, as selloffs are likely to persist, amidst brewing political uncertainty, and the absence of a positive catalyst. However, stable macroeconomic fundamentals remain supportive of long-term gains.”

Analysts at APT Securities and Funds Limited, also advised investors to position with long-term outlook and accumulate in tranches fundamentally justifiable stocks.Market breadth closed negative with 14 gainers against 23 losers. Beta Glass recorded the highest price gain of 9.98 per cent to close at N68.30 per share. Continental Reinsurance followed with a gain of 9.68 per cent to close at N1.70, while CAP rose by 9.39 per cent to close at N34.95 per share.

Cadbury Nigeria appreciated 5.98 per cent to close at N9.75, while Law Wema Bank rose 5.56 per cent to close at 57 kobo per share.On the other hand, AG Leventis Nigeria led the losers’ chart by 10 per cent to close at 27 kobo per share. Forte Oil followed with a decline of 9.90 per cent to close at N17.30, while PZ Cussons Nigeria lost 9.83 per cent to close at N10.55 per share. Seplat fell 9.61 per cent to close at N590, while Prestige Assurance lost 9.41 per cent to close at 77 kobo, per share.

Investors traded a total share volume of 181.57 million valued at N2.75 billion in 3,121 deals. Cement Company of Northern Nigeria (CCNN) traded 37.94 million shares valued at N682.87 million.Access Bank followed with 29.29 million shares worth N212.25 million, while Transnational Corporation of Nigeria (Transcorp) traded 22.39 million shares valued at N25.87 million.

United Bank for African (UBA) traded 12.47 million shares valued at N93.91 million, while FBN Holdings transacted 12.1 million shares worth N88.21 million.