NSE All-Share Index Closes Lower on Losses by Bellwethers

The equities market plunged further yesterday as profit taking in bellwether stocks depressed the Nigerian Stock Exchange (NSE) All-Share Index (ASI) below 35,000 mark at 34,663.48. Similarly, market capitalisation shed N220.5 billion to close lower at N12.638 trillion.

A total of 22 stocks shed weight compared with only 11 other stocks. The banking counters recorded the more losses, leading to a decline of 2.8 per cent in the NSE Banking Index.

However, UACN Property Development Company Plc led the price losers with 8.1 per cent to close, trailed by Honeywell Flour Mills Plc with 7.5 per cent. Japaul Oil & Maritime Services Plc and PZ Cussons Nigeria Plc went down by 7.1 per cent each.

Other top price losers included: United Capital Plc(6.6 per cent); Unilever Nigeria Plc (4.5 per cent); Zenith Bank Plc(3.1 per cent); Oando Plc(3.0 per cent); Nigerian Breweries Plc (2.9 per cent); Wapic Insurance Plc (2.8 per cent); Guaranty Trust Bank Plc (2.7 per cent) and Transcorp Plc (2.6 per cent).

On the other hand, Newrest ASL Plc led the price gainers with 8.9 per cent, followed by FCMB Group Plc with 5.8 per cent. Regency Alliance Insurance Plc and Skye Bank Plc added 4.3 per cent and 4.2 per cent in that order.

Others top price gainers are: LASACO Assurance Plc (3.2 per cent); Sterling Bank Plc (3.2 per cent); AIICO Insurance Plc (2.9 per cent); Diamond Bank Plc(1.8 per cent).

Meanwhile, activity was mixed as volume of stocks traded decreased 9.8 per cent to 220.5 million shares while value of stocks traded advanced 44.7 per cent to N3.2 billion.

In terms of sectoral per- formance, the NSE Banking Index led, followed by the NSE Consumer Goods Index with 1.1 per cent,, while the NSE Insurance Index that shed 0.6 per cent.

The NSE Oil & Gas Index was dragged by decline in Forte Oil Plc, while NSE Industrial Goods Index went down on the back of price depreciation in Dangote Cement Plc.