Persistent sell pressure drags index further by 0.4 per cent
Following persistent sell pressures in the shares of some bellwethers, transactions on the trading floor of the Nigerian Stock Exchange (NSE), continued southward, yesterday, causing the All-share index to depreciate further by 0.4 per cent.
The All Share Index (ASI) slipped by 98.13 absolute points, or 0.4 per cent to close at 27,990.61 points. Similarly, market capitalisation lost N48 billion to close at N13.641 trillion.
The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which were; MTN Nigeria, Dangote Cement, Forte Oil, Global Spectrum Energy Service, and Caverton Offshore Support Group.
Analysts at Afrinvest Limited, said: “We expect the bearish performance to persist, although there are opportunities for investors to take advantage of undervalued stocks.”
Market breadth closed negative, with 15 gainers versus 16 losers. FCMB Group recorded the highest price gain of 8.81 per cent to close at N1.73 per share. Chams followed with eight per cent to close at 27 kobo, and Flour Mills Nigeria 6.07 per cent to close at N14.85, per share.
NEM Insurance rose 5.77 per cent to close at N2.20, while Sovereign Trust Insurance and Mutual Benefits Assurance gained five per cent each, to close at 21 kobo per share.
On the other hand, Wapic Insurance led the losers’ chart with 10 per cent to close at 36 kobo per share. Global Spectrum Energy Service followed with 9.57 per cent to close at N5.20 per share.
Morison Industries shed 9.09 per cent to close at 50 kobo per share, and Caverton Offshore lost 8.95 per cent to close at N2.34, while Oando fell five per cent to close at N3.80, per share.
However, the total volume traded surged 127.6 per cent to 359.11 million shares worth N1.89 billion, traded in 3,099 deals. Transactions in the shares of Courteville Business Solutions topped the activity chart with 150.04 million shares valued at N30.01 million.
FCMB Group followed with 73.27 million shares worth N123.22 million, while United Bank for Africa (UBA) traded 35.7 million shares valued at N200.55 million.
Transnational Corporation of Nigeria (Transcorp) traded 11.67 million shares at N11.88 million, while Zenith Bank transacted 10.25 million shares worth N190.29 million.