Stock market index depreciates by 0.6 per cent

Following price losses suffered by many blue-chip stocks, trading on the equity sector of the Nigerian Stock Exchange (NSE) closed on a downturn yesterday, as the All-share index dropped by 0.6 per cent.

Specifically, at the close of trading yesterday, the All-share index (NSE-ASI) shed 226.92 absolute points, representing a decline of 0.60 per cent to close at 37,421.01 points. Also, the market capitalisation declined by N82 billion to close at N13.556 trillion.

The downturn was occasioned by losses recorded in medium and large capitalised stocks, amongst which are; Seplat Petroleum Development Company, Total Nigeria, Lafarge Africa, Guaranty Trust Bank and Nigerian Breweries.

Analysts at APT Securities and Funds Limited said: “stocks that have shed weight could be considered for medium to long term positioning. Nevertheless, we advise investors to trend with caution with respect to equities market continuous wave between the North and South poles.”

Market breadth closed negative, with 12 gainers versus 27 losers. Forte Oil recorded the highest price gain of 9.94 per cent, to close at N29.85 per share. Custodian and Allied Insurance gained 9.40 per cent to close at N5.70, while unity Bank Assurance appreciated by 8.91 per cent to close at N1.10 per share.

Regency Alliance Insurance appreciated by 8.70 per cent to close at 25 kobo, while Jaiz Bank gained 7.94 per cent to close at 68 kobo per share.

On the other hand, Multiverse Mining & Exploration and Mutual Benefit Assurance led the losers’ chart by 9.09 per cent each, to close at 20 kobo and 40 kobo per share, respectively, while AXA Mansard Insurance shed 8.93 per cent to close at N2.55, per share.

Initiates Plc declined by 8.82 per cent to close at 62 kobo and Neimeth International Pharmaceuticals shed 8.77 per cent to close at 52 kobo per share.

However, the total volume traded rose by 37.4 per cent to 213.2 million shares, worth N3.76 billion, and traded in 4,043 deals. Transactions in the shares of Zenith Bank topped the activity chart with 39.93 million shares valued at N965.09 million. FBN Holdings followed with 21.69 million shares worth N227.22 million, while Transnational Corporation of Nigeria (Transcorp) traded 21.61 million shares valued at N26.97 million.

Guaranty Trust Bank traded 15.81 million shares valued at N650.66 million, while Sovereign Trust Insurance transacted 13.74 million shares worth N3.44 million.