Transactions on the trading floor of the Nigerian Stock Exchange (NSE) sustained a sliding profile yesterday, as more highly capitalised stocks depreciated in price, causing market capitalisation to dip further by N38 billion.
Specifically, at the close of trading yesterday, the All-share index dropped by 105.78 points to 40,749.86 from 40,855.64 achieved on Tuesday. Similarly the market capitalisation depreciated by N38 billion to 0.3 percent from N14.758 trillion to N14.720 trillion.
Analyst at Investdata Consulting Limited noted that the volatility in the market would continue as investors await the Q1 scorecards and economic data.
"We expect the market to continue its volatility as investors await outcome of MPC meeting ahead of Q1 scorecards and economic data, even as investors position for the short and long term on the strength of company fundamentals and the expected Q1 numbers. "However, we would like to reiterate that investors should not panic but go for equities with intrinsic value, especially during this season when dividend payment is ongoing.
"We advise investors to allow numbers guide their decisions while repositioning for the year's trading activities, especially now that stock prices remain volatile amidst improving company, economic and market fundamentals.
"It is time to combine fundamentals and technical tools to take decision by knowing the support and resistant level to reposition or exit any position. A stock market is in cycles. You must know the cycle it, or particular stocks therein are to successfully manage your trading and investment risk."
26 stocks depreciated in price led by Mobil oil with N2.00 to close at N183.00 per share while Dangote flour followed with N1.45 kobo to close at N13.75 per share.
Ecobank Transnational Incorporated lost N0.65 kobo to close at N16.35 per share. Flourmills shed N0.50 kobo to close at N36.80 per share National Salt Company of Nigeria dropped N0.50 kobo to close at N21.00 per share.
However, 18 stocks appreciated in price, as FO topped the gainers chart with N1.10 kobo to close at N41.90 per share. Stanbic IBTC followed with N1.00 kobo to close at N49.00 per share.Guaranty Trust Bank appreciated by N0.90 to close at N44.30 per share. WAPCO gained N0.55 kobo to close at N44.00 per share. Access Bank also garnered N0.55 kobo to close at N11.80 per share.
FBN Holding was investors delight yesterday, accounting for 70 million shares worth N863 million while Zenith Bank followed with 61 million units valued at N1.7 billion.
Fidelity Bank exchanged 43 million shares worth N109 million. Access Bank recorded 28 million units worth N332 million. Guaranty Trust Bank exchanged 22 million shares valued at N992 million. In all, investors exchanged 401 million shares worth N6.8 billion in 5,370 deals.