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Sell-pressure drags index further by 0.27%

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Transactions on the Nigeria Stock Exchange reopened on a negative note yesterday, occasioned by sell pressure in most blue-chip companies, causing the All-Share Index (ASI), to slip by 0.27 per cent.

Yesterday, the ASI decreased by 77.82 absolute points, a 0.27 per cent fall to close at 28,337.49 points. Similarly, the overall market capitalisation lost N40 billion to close at N14.812 trillion.

The downtrend was impacted by losses recorded in large and medium value stocks, including Flour Mills of Nigeria, BUA Cement, MTNN, International Breweries, and Africa Prudential.

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Analysts at United Capital Plc predicted that “the momentum would be sustained considering the huge liquidity in the system coupled with fewer investment alternatives. However, we do not overrule the place of profit taking. 

Afrinvest Limited said “We expect losses in the market to be sustained as investors book profit.”

Market sentiment, as measured by the market breadth, was also negative, as 16 stocks declined relative to 13 gainers.  

Eterna recorded the highest price gain of 9.92 per cent to close at N3.99, per share. Union Diagnostic and Clinical Services followed with a gain 8.33 per cent to close at 26 kobo, while Transnational Corporation of Nigeria (Transcorp) rose by 4.84 per cent to close at 65 kobo, per share.

Cutix rose 4.65 per cent to close at N1.80, while SEPLAT Petroleum Development Company appreciated by 2.44 per cent to close at N420.00, per share.

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On the other hand, International Breweries led the losers’ chart by 9.11 per cent to close at N4.29 per share. AXA Mansard Insurance followed with a 5.67 per cent fall to close at N1.83, while Flour Mills of Nigeria shed 4.55 per cent to close at N21.00, per share. 

Regency Alliance Insurance Company lost 4.35 per cent to close at 22 kobo, and Portland Paints and Products fell 3.59 per cent to close at N2.15, per share.

Also, the total volume traded decreased by 3.90 per cent to 369.178 million shares worth N5.06 billion, traded in 4,750 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 95.052 million shares valued at N678.740 million. Guaranty Trust Bank followed with 65.481 million shares worth N1.989 billion, while Zenith Bank traded 47.217 million shares valued at N944.314 million.

FBN Holdings (FBNH) traded 37.623 million shares at N231.896 million, and Transcorp transacted 28.119 million shares worth N18.174 million.

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