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Sell-off drags market index by 0.18 per cent

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Nigerian Stock Exchange

Following price losses suffered by most blue-chip stocks, transactions on the equity sector of the Nigerian Stock Exchange (NSE) closed on a downturn yesterday, as the All-share index depreciated by 0.18 per cent.

Specifically, at the close of transactions yesterday, the All -share index (ASI) was down by 56.80 absolute points, representing a decline of 0.18 percent, to close at 32,143.41 points. Similarly, the market capitalisation decreased by N21 billion, to close at N11.735 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Guaranty Trust Bank, Zenith Bank, NEM Insurance, Diamond Bank and Abbey Mortgage Bank.

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Analysts at United Capital Plc said: “With the culmination of the third quarter, 2018 earnings season, we expect a mixed theme this week as issues around the polity remain in focus.”

Codros Capital Limited said: “We reiterate our negative outlook for the equities market in the short to medium term, amidst political concerns ahead of the 2019 elections, and the absence of a positive market trigger. However, positive macroeconomic fundamentals remain supportive of recovery in the long term.”

However, market breadth closed positive with 14 gainers and 12 losers. Regency Alliance Insurance led the gainers table by 10 per cent to close at 22 kobo per share.

Union Diagnostic & Clinical Services followed with a gain of eight per cent to close at 27 kobo.

Flour Mill Nigeria appreciated by 7.14 per cent to close at N16.50 per share. Also, Oando went up by 6.45 per cent to close at N4.95 and Honeywell Flour rose by 2.68 per cent to close at N1.08 per share.

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On the other hand, Abbey Mortgage Bank led the laggards’ table by 9.40 per cent to close at N1.06 per share.

Diamond Bank trailed with a loss of 9.38 per cent to close at N1.16, while NEM Insurance shed 8.21 per cent to close at N2.57 per share.

Livestock Feeds dipped by 7.14 per cent to close at 52 kobo, while FCMB Groups went down by 2.45 per cent, to close at N1.59, per share.

The total volume traded rose by 17.19 per cent to 142.11 million shares, valued at N1.56 billion, and exchanged in 2,772 deals.

Transactions in the shares of Diamond Bank topped the activity chart with 32.24 million shares valued at N37.68 million.

Guaranty Trust Bank traded 19.98 million shares worth N738.14 million and United Bank for Africa (UBA) transacted 16.06 million shares valued at N128.29 million.

FBN Holdings followed with 13.26 million shares worth N98.73 million, while Zenith Bank traded 11.74 million shares valued at N285.21 million.


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