Weak sentiments persist as NSE index dips further by 0.39%

Continued price losses suffered by most blue-chip stocks, sentiments remained weak on the equities sector of the Nigerian Stock Exchange (NSE) yesterday, as the All-Share Index fell by 0.39 per cent.
   
In summary, the All-Share Index (ASI) dipped by 95.13 absolute points or 0.39 per cent to close at 24,174.45 points. Similarly, the overall market capitalisation shed N49 billion to close at N12.611 trillion.
 
Despite the downtrend in the market in the first two trading days of the week, capital market analysts expected the continued release of half-year results to spur reactions in the market, as investors strive to take profitable positions.
   
The downturn was impacted by losses recorded in large and medium capital stocks, including Dangote Cement, Chemical and Allied Products (CAP), International Breweries, Eterna Oil, and Cutix.
   
Analysts at Afrinvest Limited, said: “We expect bargain hunting to drive gains in the subsequent trading session.
   
Vetiva Capital also said: “Amidst weak investors’ confidence and persistent global and macro-economic uncertainties, the domestic bourse took another blow as the Bears continued to dictate market directions.
   
“We anticipate a mixed trading session tomorrow, with continued sell offs in some counters and bargain hunting in others due to cheap valuations.”
   
Market sentiment, measured by market breadth, was positive as 14 stocks gained, relative to 10 losers. Linkage Assurance recorded the highest price gain of 8.57 per cent to close at 38 kobo per share.   
 
Vitafoam Nigeria followed with 7.88 per cent to close at N5.75, and Royal Exchange rose 7.41 per cent to close at 29 kobo, per share.
   
Unity Bank garnered 6.12 per cent to close at 52 kobo, while Transnational Corporation of Nigeria (Transcorp) added 4.84 per cent to close at 65 kobo, per share.
On the other hand, Eterna led the losers’ chart by 10 per cent to close at N1.80 per share. 
   
Prestige Assurance followed with 9.26 per cent to close at 49 kobo, and International Breweries lost 9.21 per cent to close at N3.45, per share.
 
Cornerstone Insurance slipped 9.09 per cent to close at 50 kobo, while CAP shed 8.23 per cent each to close at N18.95, per share.
 
The total volume of trade fell by 0.3 per cent to 304.185 million units valued at N3.268 billion, exchanged in 3,500 deals.
 
Transactions in the shares of FBN Holdings topped the activity chart with 82.201 million shares valued at N407.573 million. Custodian Investment followed with 30.287 million shares worth N146.892 million, while Sterling Bank traded 27.993 million shares at N34.292 million.
 
Flour Mills of Nigeria traded 20.283 million shares valued at N344.843 million, and Nigerian Breweries transacted 20.210 million shares worth N626.594 million.