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NSE’s index retreat by 0.10% after seven days of rally

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NSE. Photo: AFRICANBUSINESSCENTRAL

After seven consecutive sessions of capital appreciation, the bears upstaged the bulls at the end of yesterday’s transactions on the Nigerian Stock Exchange (NSE), causing the All-share index (ASI) to depreciate by 0.10 per cent.
 
Precisely, the ASI dropped by 25.85 absolute points, or 0.10 per cent to close at 25,304.25 points. Similarly, the overall market capitalisation size shed N13 billion to close at N13.201 trillion.
 
The downturn was impacted by losses recorded in large and medium capital stocks, including Dangote Cement, Fidson Healthcare, Lafarge Africa, Access Bank, and Zenith Bank.
 
Analysts at Afrinvest Limited said: “Following six days consecutive bullish streak, the profit-taking seen today was expected.”

Similarly, Vetiva Dealing and Brokerage firm, said “The domestic bourse ended its bullish run amidst profit-taking action in the Industrial goods (-0.37%), and Banking (-0.33%) sectors. With market breadth closing negative today, coupled with the bearish sectoral performances, we expect the downward pattern to filter into today’s session.”  
 
However, it expressed optimism that the equities market would still close the week on a bullish note.

 
Market breadth closed negative, with 11 gainers versus 19 losers. May and Baker Nigeria recorded the highest price gain of 9.89 per cent to close at N3.00 per share. University Press followed with 9.40 per cent to close at N1.63, while AXA Mansard Insurance rose by 6.36 per cent to close at N1.84, per share.
 
Jaiz Bank advanced five per cent to close at 63 kobo, and Nigerian Breweries edged up 2.78 per cent to close at N37.00, per share.

ON the other hand, Consolidated Hallmark Insurance led the losers’ chart by 8.11 per cent to close at 34 kobo per share. Fidson Healthcare followed with 7.25 per cent to close at N3.71, while Lasaco Assurance lost 6.06 per cent to close at 31 kobo, per share.

   
Livestock Feeds slipped 4.76 per cent to close at 60 kobo, and Chams shed 4.55 per cent to close at 21 kobo, per share.

The total volume traded rose by 39.04 per cent to 251.296 million shares, worth N1.579 billion, and traded in 2,954 deals.
 
Transactions in the shares of UAC of Nigeria (UACN) topped the activity chart with 111.872 million shares valued at N643.188 million. United Bank for Africa (UBA) followed with 24.966 million shares worth N159.480 million, and FBN Holdings traded 20.897 million shares valued at N104.540 million.
 
Access Bank traded 13.932 million shares at N87.473 million, while Transnational Corporation of Nigeria (Transcorp) transacted 7.909 million shares worth N4.551 million.  


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