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Stock market reverses previous gains as indices plummet by N36b

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Following price losses incurred by most highly capitalised stocks, transactions on the equities sector of the Nigerian Stock Exchange (NSE) reopened on a negative note, as market capitalisation plunged by N36 billion.

Reversing the positive trend at the previous trading session, the All-Share Index (ASI) shed 97.03 absolute points yesterday, representing a dip of 0.31 per cent to close at 31,042.32 points. Similarly, the market capitalisation shed N36 billion to close at N11.576 trillion.

Yesterday’s downturn was impacted by price depreciation in medium and large capitalised stocks, among which are, Mobil Nigeria, Nestle Nigeria, Dangote Cement, NASCON Allied Industries and Cement Company Northern Nigeria (CCNN).Analysts at Afrinvest Limited said: “Contrary to broad expectations, negative sentiment prevailed in yesterday’s trading session. However, we maintain our positive outlook in the near-term as price depreciation in fundamentally sound stocks present attractive entry opportunities for investors.”

Market breadth remained negative with 12 gainers against 19 losers. Red Star Express recorded the highest price gain of 10 per cent, to close at N5.50, per share. University Press followed with a gain of 8.11 per cent, to close at N2, while Stanbic IBTC Holdings rose by 6.59 per cent to close at N48.50, per share. Aiico Insurance appreciated by 4.17 per cent to close at 75 kobo per share.

Wema Bank went up by 3.90 per cent to close at 80 kobo, per share. On the other hand, Academy Press led the losers’ chart by 8.33 per cent, to close at 33 kobo, per share. Consolidated Hallmark Insurance followed with a decline 6.90 per cent to close at 27 kobo, while Access Bank declined by 6.57 per cent to close at N6.40, per share.

NEM Insurance declined by 5.56 per cent to close at N2.21, while Fidelity Bank down by 5.06 per cent, to close at N2.25, per share.Total volume traded went down by 26.9 per cent to 168.72 million units, valued at N3.75 billion, and exchanged in 3,048 deals. Guaranty Trust Bank traded with 46.97 million shares valued at N1.76 billion.

Zenith Bank followed with 28.64 million shares worth N627.64 million, while Access Bank traded 18.51 million shares valued at N121.98 million.FBN Holding traded 16.39 million shares valued at N134.41 million, while United Bank for Africa (UBA) transacted 8.11 million shares worth N62.85 million.


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