Stock market index sustains sliding profile, down by 0.17%
The bears maintained dominance at the equity sector of the Nigerian Stock Exchange (NSE), yesterday, just as more high cap stocks depreciated in price, causing the All-share index to plunge further by 0.17 per cent. The All Share Index (ASI) fell by 52.81 points or 0.17 per cent to 31,254.19 points. Investors lost N23 billion in value as market capitalisation declined to N13.766 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; Unilever Nigeria, Dangote Cement, Forte Oil, Guaranty Trust Bank, and Ecobank Transnational Incorporated (ETI). Analysts at Afrinvest Limited, said: “We maintain a bearish outlook on the local bourse in the next trading session as investors continue profit-taking activities in bellwether stocks.”
Similarly, Cordros Capital Limited, said: “Our outlook for equities in the short to medium term remains conservative, amidst absence of a positive catalyst. However, stable macro-economic fundamentals remain supportive of recovery in the long term.”
Market breadth closed relatively positive, with 20 gainers versus 19 losers. Livestock Feeds recorded the highest price gain of 9.26 per cent to close at 59 kobo per share. Law Union & Rock Insurance followed with a gain 9.09 per cent to close at 48 kobo, while Sterling Bank appreciated 8.70 per cent to close at N2.25, per share.
National Aviation Handling Company (NAHCO) rose 6.92 per cent to close at N3.40, and Wema Bank 6.45 per cent to close at 66 kobo, per share.On the other hand, Japaul Oil and Maritime Services led the losers’ chart with 10 per cent to close at 27 kobo per share. Berger Paints followed with 9.52 per cent to close at N6.65 per share.
Unilever Nigeria dropped 8.01 to close at N31 per share.
Sovereign Trust Insurance shed eight per cent to close at 23 kobo, while ETI fell 7.85 per cent to close at N11.15, per share.
However, the total volume traded rose 9.44 per cent to 376.8 million shares worth N5.89 billion, traded in 4,549 deals. Transactions in the shares of Union Diagnostic & Clinical Services topped the activity chart with 43.36 million shares valued at N10.41 million.
United Bank for Africa (UBA) followed with 42.61 million shares worth N280.2 million, while Zenith Bank traded 39.11 million shares valued at N803.81 million.Access Bank traded 34.38 million shares at N220.11 million, while Law Union and Rock Insurance transacted 29.58 million shares worth N14.2 million.
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