Further downward slide for the Equity Market

Market pulse on the Nigerian Stock Exchange (NSE) today- Tuesday May 5th 2015 was bearish as Brent crude oil climbed to a high of $68.23 a barrel, up $1.78 and its highest since December. The equity market closed red today. Performances were positive from both the Banking and Insurance sectors save consumer goods and Oil and Gas sectors.

Trading activities decreased in volume as N247.4million shares worth N4.2billion in 4848 deals exchanged hands today. This is a decrease from the N324.4million worth N6.4billion in 4,844 deals trades carried out the previous day. Topping in volume terms was Zenith Plc., Access Bank Plc. and UBA Plc. while Nestle Plc and Guaranty Bank Plc ended trading as the most active stocks in value terms.

The All Share Index (NSEASI) closed negative with a -0.14% (-48.95) decrease to 34,600.42 from 34,649.28 the previous trading day. Market Capitalization depreciated in tandem to N11.750 trillion from N11.767 trillion the prior trading day. The Thisday BGL 50 Index also closed negative with a 0.56% decrease to close at 145.26 from 145.61 the previous trading day, while its market capitalization stood at N10.734 trillion from N10.760 trillion the previous trading day.

A total number of 21 stocks gained on the bourse today while 26 stocks declined, leaving 82 stocks unchanged. Continental reinsurance Plc. emerged the toast of investors as it topped the Thisday BGL 50 Index gainers’ list with a gain of 8.51 % to close at N 1.02 per share. It was followed by Eco bank Transnational Incorporated Plc. with a gain of 5.00 % to close at N 22.28 per share. Others on the gainers list include Total Plc. Wema bank Plc. and Custodian and allied insurance Plc. On the decliners’ list, Unity Bank Plc. led with a loss of -9.38 % to close at N3.19 per share. It was followed by Cement Co. Of North. Nig. Plc. with a loss of -5.01 % to close at N 11.00 per share. Others on the losers list include; Sterling Bank Plc., FBN Holdings Plc and Fidson Healthcare Plc.