NSE’S indices sustain sliding profile, down by N107 billion

THE Nigerian equities market sustained sliding profile at the reopening of transactions yesterday, as most blue-chip stocks constituted the losers’ chart, causing market capitalisation dip further by N107 billion.

Specifically, at the close of transactions yesterday, the AllShare Index (ASI) depreciated by 295.11 absolute points, representing a loss of 0.75 per cent to close at 39,028.51 from 39,323.62 at which it closed for trading on Friday.

Similarly, the market capitalisation depreciated by N107 billion to close at N14.137 trillion from N14.244 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Wapco, MRS Oil Nigeria, Guaranty Trust Bank, Zenith Bank and FBN Holdings.

Stocks market analysts noted that the decline seen in the market was due to profit booking and cautious trading that dominated the market, amidst high selling pressure and low buying volume, especially as the Nigerian market traded below its 20-day Moving Average for seven successive weeks.

Analysts at United Capital Plc said: “This week, we anticipate bargain hunting activities even as technical indicator hovers around the oversold region.”

Market breadth closed negative, with 10 gainers versus 33 losers.

Consolidated Hallmark Insurance recorded the highest price gain of 6.67 per cent, to close at 32 kobo per share. Eterna gained 4.93 per cent to close at N5.53 per share while Ikeja Hotel appreciated by 4.65 per cent to close at N2.70 per share.

Sovereign Trust Insurance appreciated by 3.85 per cent to close at 27 kobo, while flour Mills Nigeria gained 2.03 per cent to close at N30.10 per share.

On the other hand, FCMB Groups led the losers’ chart with 9.09 per cent, to close at N2.00 per share. Japaul Oil and Maritime Services shed 7.69 per cent to close at 22 kobo.

Wapic Insurance depreciated by 7.69 per cent to close at 48 kobo per share. Diamond Bank declined by 5.11 per cent to close at N1.30 and Africa Prudential also shed five per cent to close at N3.80 per share.

The total volume traded depreciated by 24.89 per cent to 222.32 million shares, worth N1.64 billion, and traded in 4,461 deals. Transactions in the shares of Aiico Insurance topped the activity chart with 40.75 million shares valued at N23.63 million.