NSE Index Dips 2.6% to 29,909.43 as Bearish Trend Persists

Trading at the nation’s stock market commenced for the week with a major dip as the bearish trend worsened. The Nigerian Stock Exchange (NSE) All- Share Index dipped by 2.59 per cent to close below 30,0000 points at 29,909.43, while market capitalisation shed N272.84 billion to close at N10.25 trillion. Yesterday’s decline in the ASI was the worst single day fell since February 12, and while the index level is the lowest since March 25. The bearish trend has led to a year-on-year decline of 12.7 per cent. Market operators said while portfolio investors are maintaining a cautious stance, domestic investors are not showing much interest so as to take advantage of some of the highly discounted stocks. At the close of trading yesterday, 41 stocks lost value, while only seven appreciated. Evans Medical Plc led price losers, shedding 8.7 per cent trailed by FCMB Group Plc with 8.5 per cent. Access Bank Plc, Seplat Petroleum Development Com- pany Plc and Glaxosmithkline Consumer Nigeria Plc shed 5.7 per cent, 5.00 per cent and 5.00 per cent in that order. On the other hand, Transcorp Plc led the price gainers with 4.6 per cent, trailed by NEM Insurance Plc with 3.1 per cent, while Forte Oil Nigeria Plc chalked up 2.32 per cent. Zenith Bank Plc, which declared an interim dividend of 25 kobo last Thursday also made the price gainers’ chart, rising by 2.3 per cent. Zenith Bank Plc reported a growth of 24 per cent in gross earnings for the half year ended June 30, 2015. The audited half-year results of the company showed that gross earnings rose from N184.4 billion to N229.08 billion. The group’s profit before tax increased by 24 per cent from N58 billion to N72 billion while profit after tax rose to N53 billion, up from N47 billion in 2014. Customers’ confidence in the Zenith Bank increased during the period under review as deposits rose from N2.5 trillion to N2.6 trillion, just as total assets stood at N3.8 trillion in 2015 as against N3.7 trillion in 2014.