Stock market extends losses as index plunges by 0.40%
The Nigerian Stock Exchange (NSE) extended losses to three consecutive trading sessions, yesterday, even as more blue-chip stocks depreciated, causing the All-Share Index (ASI) to decline further by 0.40 per cent.
Yesterday, the ASI shed 157.49 absolute points, representing a decrease of 0.40 per cent to close at 39,364.67 points. Also, market capitalisation went down by N82 billion to close at N20.596 trillion.
The downturn was driven by price depreciation in large and medium capitalised stocks including Presco, Nigerian Enamelware, Nigerian Breweries and Julius Berger.
Analysts at Afrinvest Limited said: “We expect the market to close the week in the red due to persistent sell-offs.”
As measured by market breadth, market sentiment was negative as 47 stocks declined, relative to 13 gainers. University Press recorded the highest price gain of 9.91 per cent to close at N1.22 kobo.
Morison Industries followed with a gain of 9.09 per cent to close at 60 kobo while Chemical & Allied Products (CAP) increased by 5.26 per cent to close at N20.00 kobo.
On the other hand, Fidson Healthcare led the losers’ chart by 10 per cent to close at N4.41 while Northern Nigeria Flour Mills (NNFM) followed with a decline of 9.97 per cent to close at N6.32 kobo.
NEM Insurance and Nigerian Enamelware shed by 9.95 per cent each, to close at N1.72 and N19.90 kobo respectively while NCR Nigeria Plc declined by 9.91 per cent to close at N3.09 kobo.
The total volume of trades increased by 101.8 per cent to 493.173 million units, valued at N4.722 billion and exchanged in 5,486 deals.
Transactions in the shares of Universal Insurance topped the activity chart with 83.261 million shares valued at N16.652 million. Zenith Bank followed with 38.648 million shares worth N983.251 million, while FBN Holdings traded 31.254 million shares valued at N216.719 million.
United Bank for Africa traded 26.782 million shares valued at N211.572 million while Access Bank transacted 21.586 million shares worth N168.090 million.