Stock market indices sustain sliding profile, down by N22 billion

TRADING on the Nigerian Stock Exchange (NSE) continued on a downturn yesterday, as a result of price losses by many blue-chip stocks, causing market capitalisation to depreciate further by N22 billion.

Yesterday, the All Share Index (ASI) fell by 46.27 points or 0.17 per cent to 26,944.32 points. Accordingly, investors lost N22 billion in value as market capitalisation declined to N13.005 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Guinness Nigeria, Stanbic IBTC Holdings, MTN Nigeria, Chemical and Allied Products (CAP), Lafarge Africa.

Analysts at Afrinvest Limited said: “We maintain a bearish outlook on the market in the near term as investors' book profit following gains in the prior weeks.”

Investdata Consulting Limited said: “We expect this mixed performance to continue at this beginning of the month given the profit-taking and indecision among market players ahead of the usual Santa Claus and yearend rally as capital flow and repositioning in value stocks will persist. The changing sentiments in expectation of improved liquidity and positive economic indices.”. Market breadth closed negative, with 13 gainers versus 19 losers. Okomu Oil recorded the highest price gain of 9.87 per cent, to close at N54.55, per share. etranzact International followed with a gain 9.66 per cent to close at N2.61 per share.

Royal Exchange and Wapic Insurance appreciated by 8.33 per cent each, to close at 26 kobo and 39 kobo, respectively, per share. Jaiz Bank went up by 4.55 per cent to close at 69 kobo, while Unilever Nigeria appreciated by 4.24 per cent to close at N18.45 per share.

On the other hand, Ikeja Hotel Plc led the losers’ chart by 9.73 per cent, to close at N1.02, per share. Champion Breweries followed with a decline of 8.82 per cent to close at 93 kobo, while Law Union & Rock Insurance went down by 8.45 to close at 65 kobo, per share.

Chams lost 7.89 per cent to close at 35 kobo, while Guinness Nigeria shed 6.45 per cent to close at N29, per share.

The total volume traded declined by 23.33 per cent to 189.007 million shares, worth N2.88 billion, and traded in 3,314 deals. Transactions in the shares of Access Bank topped the activity chart with 35.41 million shares valued at N324.55 million.

Guaranty Trust Bank followed with 34.61 million shares worth N1.05 billion, while Zenith Bank traded 18.37 million shares valued at N342.41 million.

United Bank for Africa (UBA) traded 15.91 million shares valued at N111.797 million, while Fidelity Bank transacted 7.804 million shares worth N15.69 million.