In­dex down by 0.24 per cent as stock mar­ket re­opens bear­ish

The Guardian (Nigeria) - - BUSINESS - By He­len Oji

FOL­LOW­ING price losses suf­fered by most bluechip stocks, trans­ac­tions on the eq­ui­ties sec­tor of the Nige­rian Stock Ex­change (NSE) re­opened on a down­turn yes­ter­day, as the All­share in­dex de­pre­ci­ated by 0.24 per cent.

Specif­i­cally, at the close of trans­ac­tions yes­ter­day, the All Share In­dex (ASI) was down by 199.92 ab­so­lute points, rep­re­sent­ing a de­crease of 76.76 points or 0.24 per cent to close at 32,048.18 points. Sim­i­larly, the mar­ket cap­i­tal­i­sa­tion de­creased by N28 bil­lion, to close at N11.7 tril­lion.

The down­turn was im­pacted by losses recorded in medium and large cap­i­talised stocks, amongst which are; Unilever Nige­ria, Nige­ria Brew­eries, ce­ment Com­pany of North­ern Nige­ria (CCNN), North­ern Nige­ria Flour Mills (NNFM) and Ecobank Transna­tional Cor­po­ra­tion.

An­a­lysts at Afrin­vest Lim­ited said that, “yes­ter­day, we ob­served a largely pos­i­tive per­for­mance till the last hour of trad­ing as in­vestors’ profit tak­ing on large coun­ters wiped off early trad­ing gains. None­the­less, we opine that bar­gain-hunt­ing would lift per­for­mance to­mor­row while main­tain­ing our near term bear­ish out­look.”

The Chief Ex­ec­u­tive Of­fi­cer of In­vest­data Re­seach Con­sult­ing, Am­brose Omodion said: “We ex­pect mixed per­for­mance this week, as sell-off and repo­si­tion­ing con­tinue; as in­vestors and fund man­agers in­ter­pret the Q3 fil­ings to en­able them to re-bal­ance their port­fo­lios, while watch­ing the po­lit­i­cal space and an­a­lyz­ing the num­bers ex­pected to give an in­sight into ex­pec­ta­tions for Q3 GDP and full year com­pany earn­ings power.

“These are likely to drive prices north, or south, while de­ter­min­ing mar­ket di­rec­tion be­fore or af­ter Pres­i­den­tial elec­tion. In­vestors should re­view their po­si­tions in line with in­vest­ment goals, strength of the com­pany num­bers and act as events un­fold in the global and do­mes­tic en­vi­ron­ment.” Mar­ket breadth closed neg­a­tive, recorded 17 gain­ers against 24 losers. Cad­bury Nige­ria and UAC of Nige­ria recorded the high­est price gain of 10 per cent, each to close at N9.90, each, while Presco fol­lowed with a gain of 9.86 per cent to close at N65.75, per share.

Mcni­chols rose by 9.76 per cent to close at 45 kobo, while Fid­son Med­i­cal ap­pre­ci­ated by 8.70 per cent to close at N5 per share. On the other hand, CCNN led the losers’ chart by 9.38 per cent, to close at N18.35, per share. NNFM fol­lowed with a de­cline of 9.35 per cent to close at N4.85, while Pres­tige As­sur­ance lost 8.93 per cent to close at 51 kobo, per share.

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