Selloff in bellwether stocks drag index further by 0.74 per cent
Following sell-offs in bellwether stocks, the bears maintained dominance on the equity sector of the Nigerian Stock Exchange (NSE), as investors’ wealth plunged further by 0.74 per cent.
Yesterday, the All Share Index (ASI) shed 219.47 absolute points, representing a dip of 0.74 per cent to close at 29,395.14 points. Similarly, market capitalisation lost N93 billion to close at N12.957 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; Nestle Nigeria, International Breweries, Dangote Cement, Dangote Sugar Refinery, and Guaranty Trust Bank.
Analysts at Afrinvest Limited, said: “We expect a mixed performance this week, as investors take caution in selecting stocks ahead of H1 2019 earnings releases.”
Cordros Capital Limited, argued that outlook for stocks in the short to medium term remains conservative, amidst absence of a positive catalyst.
Market breadth closed negative, with 13 gainers versus 23 losers. Cement Company of Northern Nigeria (CCNN) recorded the highest price gain of 8.11 per cent to close at N14 per share.
Academy Press followed with in 6.90 per cent to close at 31 kobo, while Transnational Corporation of Nigeria (Transcorp) appreciated 6.86 per cent to close at N1.09, per share. Ecobank Transnational Inc (ETI) rose three per cent to close at N10.30, while Africa Prudential gained 2.29 per cent to close at N3.57, per share.
On the other hand, Chams and UACN Property Development Company (UPDC) led the losers’ chart with 9.68 per cent each, to close at 28 kobo, and N1.55, respectively, while C&I Leasing followed with 9.11 per cent to close at N5.09, per share. Oando fell 8.75 per cent to close at N3.65, and Courteville Business Solution shed 8.70 per cent to close at 21 kobo, per share.
However, the total volume traded rose 86.79 per cent to 200.69 million shares, worth N2.89 billion, traded in 4,856 deals. Transactions in the shares of Guaranty Trust Bank topped the activity chart with 24.43 million shares valued at N742.15 million. United Bank for Africa (UBA) followed with 23.35 million shares worth N144.92 million.
Lafarge Africa traded 22.73 million shares at N284.16 million.Zenith Bank traded 22.34 million shares valued at N436.88 million, while FBN Holdings transacted 18.52 million shares worth N120.3 million.
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