Wema Bank, Presco, others lead stock market’s N95 billion loss
The bears sustained hold on the equities sector of the Nigerian Stock Exchange (NSE) yesterday, as more blue-chip stocks depreciated in price, especially Wema Bank and Presco, causing the All-Share Index to decline further by 0.01 per cent.
Specifically, the All-Share Index shed 3.46 absolute points, representing a dip of 0.01 per cent to close at 31,038.86 points.
Meanwhile, the market capitalisation gained N95 billion to close at N11.671 trillion, as a result of the listing of Lafarge Africa’s rights of seven billion shares.
Yesterday’s performance was influenced by price depreciation in medium and large capitalised stocks, among which are, Presco, Nigerian Breweries, Ecobank Transnational Inc (ETI), PZ Cussons Nigeria and Union Bank of Nigeria (UBN).
Analysts at APT Securities and Funds Limited said: “Downward trend persists amidst good fundamentals. This is unconnected to low foreign participation as foreign investors take a watch, posit in anticipation of new economic reforms.
“However, there is no cause for alarm as investors are encouraged to focus on liquid stocks that have been affected by downward trend, likewise dividend paying stocks bearing in mind that strong fundamental(s) is a good reason to position for mid to long term amidst dwindled stock price.”
Market breadth remained negative with 18 gainers against 20 losers. Cadbury Nigeria recorded the highest price gain of 9.60 per cent, to close at N10.85, per share. Consolidated Hallmark Insurance followed with a gain of 7.41 per cent, to close at 29 kobo, while NEM Insurance rose by 6.33 per cent to close at N2.35, per share.
Livestock Feeds appreciated by five per cent to close at 63 kobo, while Union Diagnostic & Clinical Services went up by 3.45 per cent to close at 30 kobo, per share.
On the other hand, Wema Bank led the losers’ chart by 6.25 per cent, to close at 75 kobo, per share. Presco followed with a decline 5.15 per cent to close at N64.50, while University Press declined by five per cent to close at N1.90, per share.
Wapic Insurance declined by 4.76 per cent to close at 40 kobo, while Transnational Corporation of Nigeria (Transcorp) down by 3.97 per cent, to close at N1.21, per share.
Total volume traded went down by 14.83 per cent to 143.71 million units, valued at N1.68 billion, and exchanged in 3,456 deals. FBN Holding traded with 29.66 million shares valued at N243.27 million.
Access Bank followed with 16.34 million shares worth N106.05 million, while United Bank for Africa (UBA) traded 11.75 million shares valued at N121.98 million.