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Mutual Benefit, Secure Electronic others top NSE’s N12 billion loss

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Akin Ogunbiyi, Chairman Mutual Benefits Plc

Continued price depreciation in the shares of many blue chip stocks, especially Mutual Benefit Assurance, and Secure Electronic Technology, pulled the All-share index further by 0.09 per cent.

Specifically, at the close of transactions yesterday at the Nigerian Stock Exchange (NSE), the All-Share Index (ASI) declined by 0.09 per cent amid sustained sell pressure.

The NSE-ASI shed 33.98 absolute points, representing a decline of 0.09 per cent to close at 36,299.82 points, while year-to-date loss worsened to 5.08 per cent, the lowest since October 5, 2017.

Also, the market capitalisation declined by N12billion to close at N13.250trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Mutual Benefit Assurance, Secure Electronic Technology, Total Nigeria, Cutix, Oando, Guaranty Trust Bank, and Eterna oil.

On the price movement chart, Mutual Benefit Assurance led the losers’ chart by 9.68 per cent to close at 28kobo per share.

Secure Electronic Technology followed with a loss of 9.09 per cent to close at 30kobo per share.

Union Diagnostic & Clinical Services shed 7.69 per cent to close at 36kobo per share. Cutix declined by 5.88 per cent to close at N4, while Oando shed 4.39 per cent to close at N5.45 per share respectively.

Unity Bank recorded the highest price gain of 9.30 per cent, to close at 94kobo per share.

Sovereign Trust Insurance gained 8.70 per cent to close at 25kobo, while Neimeth International Pharmaceuticals appreciated by 8.45 per cent to close at 77kobo per share.

Red Star Express appreciated by 6.54 per cent to close at N5.70, while UAC Property gained 5.88 per cent to close at N1.80 per share.

Analysts at Afrinvest Limited said: “Yesterday, we noticed weak activity level in the market as well as increased trading activity in penny stocks, indicating waning investor interest in bellwethers given their weak half year 2018 earnings.

We project a further bearish performance tomorrow, as the Relative Strength Index, currently at 34.75, breaches the oversold threshold.”

However, market breadth closed positive, with 19 gainers versus 16 losers.

The total volume traded declined by 54.03 per cent to 114.04 million shares worth N730.08million, traded in 2,610 deals.

Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 21.39 million shares valued at N205.21million.

Sovereign Trust Insurance followed with 14.13 million shares worth N3.4million.

Transnational Corporation of Nigeria (Transcorp) traded 8.37 million shares valued at N10.02million.

Zenith Bank traded 7.86 million shares valued at N186.58million, while Regency Alliance Insurance transacted 5.56 million shares worth N1.34million.


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