Business

Bears sustain dominance as index slumps further by 0.84 per cent

Bears sustain dominance as index slumps further by 0.84 per cent


The bears maintained dominance at the end of yesterday’s transactions on the equities sector of the Nigerian Stock Exchange (NSE), as more blue chips stocks joined the league of losers’ resulting to a further decline in the All-Share Index (ASI) by 0.84 per cent.
   
Thursday, the ASI decreased by 229.18 absolute points, representing a dip of 0.84 per cent to close at 27,085.69 points. Similarly, the market capitalisation lost N112 billion to close at N13.185 trillion.
   
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; Nestle Nigeria, Beta Glass, Unilever Nigeria, Guinness Nigeria, and Dangote Sugar Refinery.
   
Analysing market performance, the chief operating officer of InvestData Consulting Limited, Ambrose Omordion, said the trend would continue due to profit-taking, as bargain hunters take advantage of low stock prices to position ahead of quarterly financials.
   
“Discerning investors should latch onto it as a way of averaging down and recouping their investment immediately a recovery stage sets in, helped by economic policies and things start to change gradually.”
   
Market breadth closed negative, with 12 gainers versus 18 losers. Niger Insurance recorded the highest price gain of 10 per cent to close at 22 kobo, per share.
   
Neimeth International Pharmaceuticals followed with 9.09 per cent to close at 48 kobo, while Caverton Offshore Support Group appreciated by 8.33 per cent to close at N2.60, per share.Ecobank Transnational Incorporated (ETI) rose 8.28 per cent to close at N7.85, and Law Union & Rock by 7.69 per cent to close at 42 kobo, per share.
 
On the other hand, Nestle Nigeria led the losers’ chart with 9.99 per cent to close at N1,255.50 per share. Beta Glass followed with a decline of 9.96 per cent to close at N53.80, and Courteville Business Solutions 9.09 to close at 20 kobo, per share.
   
Unilever Nigeria lost 7.68 per cent to close at N24.65, while United Capital shed 4.31 per cent to close at N2, per share.The total volume traded fell 14 per cent to 151.198 million shares worth N2.52 billion, traded in 2,895 deals.
   
Transactions in the shares of Guaranty Trust Bank topped the activity chart with 44.62 million shares valued at N1.24 billion. FBN holdings followed with 17.38 million shares worth N93.68 million, while Fidelity Bank traded 11.22 million shares valued at N19.06 million. Transnational Corporation of Nigeria (Transcorp) traded 9.81 million shares at N9.98 million, and Access Bank transacted 9.39 million shares worth N69.17 million.