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Neimeth, Prestige Assurance lead NSE’s N13 billion losses

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The equities market sustained sliding profile at the end of yesterday’s transactions, as more blue-chip stocks, especially Neimeth, and Prestige Assurance depreciated in price, resulting to a further slide in market capitalisation by N13 billion.
   
Specifically, at the close of transactions Tuesday, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) decreased by 23.44 absolute points, representing a dip of 0.09 per cent to close at 24,930.88 points. Similarly, the overall market capitalisation shed N13 billion to close at N13.005 trillion.
   
The downturn was impacted by losses recorded in large and medium value stocks, amongst which were; Flour Mills of Nigeria, MTN Nigeria Communications, Ardova Plc, C&I Leasing, and Neimeth International Pharmaceuticals.

   
Analysts at United Capital Plc said: “Looking ahead, we expect the market to remain volatile, as investors continue to position in cheap and fundamentally strong stocks while taking profit on some stocks that have gained over the previous week.”
   
Market breadth also closed negative, 13 stocks posted gains while 22 declined. Fidson Healthcare recorded the highest price gain of 10 per cent to close at N3.63 per share.
   
Skyway Aviation Handling Company followed with 8.06 per cent to close at N2.95, and Caverton Offshore Support Group grew 7.35 per cent to close at N2.19, per share.
   
Honeywell Flour Mill rose 6.93 per cent to close at N1.08, while Red Star Express gained 4.68 per cent to close at N3.80, per share.
 
On the other hand, Neimeth International Pharmaceuticals led the losers’ chart by 9.91 per cent to close at N2.09, per share. Prestige Assurance followed with 9.52 per cent to close at 57 kobo, while C & I Leasing slipped 9.38 to close at N4.35, per share.
   
Aiico Insurance lost 9.35 per cent to close at 97 kobo, and Mutual Benefits Assurance shed 8.70 per cent to close at 21 kobo, per share.

Similarly, total volume of trade fell 15.68 per cent to 200.393 million units valued at N1.586 billion, exchanged in 4,194 deals.
   
Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 26.946 million shares at N139.934 million. Zenith Bank followed with 22.632 million shares worth N368.466 million, and FCMB Groups traded 21.26 million shares at N36.576 million.
   
Lafarge Africa traded 11.883 million shares valued at N129.924 million, while Guaranty Trust Bank transacted 11.517 million shares worth N271.961 million.


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