All-Share Index Falls Further by 0.88 % as Market Remains Bearish

The stock market depreciated further yesterday as investors continued with sell pressure.

Consequently, the Nigerian Stock Exchange All-Share Index (NSE ASI) fell 0.88 per cent to close at 34,110.22, while market capitalisation ended lower at N12.45 trillion. Yesterday’s decline was majorly caused by intense sell pressure in banking and consumer goods large-cap counters. Specifically, some of the leading price losers were GTBank Plc, Stanbic IBTC Holdings Plc, United Bank for Africa Plc, Nigerian Breweries Plc and Zenith Bank Plc.

Stanbic IBTC Holdings shed 4.2 per cent on a day its banking subsidiary, Stanbic IBTC Bank reported to the NSE that the Central Bank of Nigeria (CBN) had deducted the sum of N1.886 billion from its account. The N1.886 billion is the fine the apex bank imposed on Stanbic IBTC Bank, along with three other banks for illegally assisting MTN Communications Nigeria to repatriate $8.134 billion between 2007 and 2015.

However, in a letter dated 06 September, 2018 to NSE, Stanbic IBTC Bank, reiterated its position that it has not breached any extant laws relating to Certificates of Capital Importation (CCI) executed on behalf of MTN.

“Stanbic IBTC Holdings PLC as well as our banking subsidiary maintain our position on this matter, which is the fact that the Bank has done nothing illegal and accordingly the Bank will continue to provide CBN with documents and details in support of our contention that our actions in relation to these transactions were not illegal,” the bank said, reassuring stakeholders that the current situation would not affect the seamless transactions with the bank.

Despite, the foregoing the shares of Stanbic IBTC Holdings Plc closed as the eight highest price loser, falling from N47.00 to N45.00 per share.

However, WAPIC Insurance Plc led the price losers’s table with 10 per cent, trailed by Eterna Plc with 9.4 per cent. Law Union & Rock Insurance Plc shed 9.0 per cent, just as Standard Alliance Insurance Plc went down by 8.5 per cent. Unilever Nigeria Plc, AIICO Insurance Plc and Guaranty Trust Bank Plc depreciated by 6.4 per cent, 5.5 per cent and 4.6 per cent respectively.

On the positive side, A.G Leventis Nigeria Plc led the price gainers with 10 per cent, trailed by Fidson Healthcare Plc with 9.0 per cent. Sovereign Trust Insurance Plc chalked up 8.7 per cent, just as Royal Exchange Plc added 8.3 per cent. Continental Reinsurance Plc and LASACO Assurance Plc garnered 6.6 per cent and 6.4 per cent order.

PRICES FOR SECURITIES TRADED AS OF 3/09/2018