NSE indices sustain sliding profile, down by N21 billion

Transactions on the floor of the Nigerian Stock Exchange (NSE), continued on a downward note yesterday, following price losses suffered by most blue chip stocks, causing market capitalisation to dip further by N21billion.

Yesterday, the All-Share Index (NSE-ASI) was down by 67.16 absolute points, representing a dip of 0.19 per cent, closing at 36,232.66 points. Similarly, the market capitalisation decreased by N21billion, closing at N13.228trillion.

The decline was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Mobil Nigeria, FBN Holdings, vitafoam Nigeria, PZ Cussons, and Zenith Bank.
[ad]
Analysts at Cordros Capital Limited, said: “In the absence of a positive one-off catalyst as well as brewing political concerns, we guide investors to trade cautiously in the short to medium term. However, stable macroeconomic fundamentals remain supportive of recovery in the long-term.”

Also, analysts at APT Securities and Funds Limited, said the market has recorded four consecutive losing streaks, saying: “We anticipate the bourse to end the trading week bearish week-on-week.”

Market breadth closed negative, with 12 gainers versus 22 losers. Courtville Business Solution recorded the highest price gain of 10 per cent to close at 22kobo per share. Sterling Bank gained 9.56 per cent to close at N1.49, while Niger Insurance appreciated by 8.33 per cent to close at 39kobo per share.

Mutual Benefit Assurance appreciated by 7.14 per cent to close at 30kobo, while Sovereign Trust Insurance gained four per cent to close at 26kobo per share.

On the other hand, Linkage Assurance, Law Union and Rock Insurance, Vitafoam Nigeria, Japaul Oil and Maritime Services, and Veritas Kapital Assurance were the worst performing stocks with 10 per cent loss each to close at 72kobo, 90kobo, N3.24, 27kobo and 27kobo per share, respectively.

However, the total volume traded rose by 65.09 per cent to 188.26 million shares, worth N1.29billion, traded in 2,795 deals. Transactions in the shares of United Bank for Africa topped the activity chart with 27.22 million shares valued at N260.24million.

Law Union & Rocks Insurance followed with 25 million shares worth N22.5million, while Zenith Bank traded 19.69 million shares valued at N471.39million.

Courtville Business Solution traded 19.69 million shares valued at N4.13million, while Regency Alliance Insurance transacted 13.13 million shares worth N3.05million.