9 May 2018

Nigeria: NSE's Index Plunges Further By 0.04%

Trading on the floor of the Nigerian Stock Exchange (NSE) continued on a downturn yesterday, as more blue chip stocks depreciated in price, causing the All -Share Index (ASI) declined marginally by 0.04 per cent.

Precisely, at the close of transactions yesterday, the All Share Index (ASI) shed 17.02 points, representing a decline of 0.04 per cent to close at 41,155.80 points.

Similarly, the market capitalisation shed N6 billion to close at N14.908 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Forte Oil, Dangote Cement, Nigerian Breweries, Nascon and Allied Industries and Guinness Nigeria.

Analysts at Cordros Capital said: "Despite the loss in yesterday's session, we reiterate our bullish bias for equities in the medium to long term, as still-positive macro-economic fundamentals continue to make a case for positive returns."

Further analysis of yesterday's transactions showed that Cutix recorded the highest price gain of 8.47 per cent, to close at N3.20 per share. Livestock gained 4.94 per cent to close at 85 kobo, while Cement Company of Northern Nigeria appreciated by 4.92 per cent to close at N23.45 per share.

Wema Bank appreciated by 4.71 per cent to close at 89 kobo, while Red Star Express went up by 4.55 per cent to close at N5.75 per share.

On the other hand, Forte Oil led the losers' chart by five per cent, to close at N40.85 per share. CI Leasing shed 4.76 per cent to close at N1.80, while Courtville Business Solution depreciated by 4.55 per cent to close at 21 kobo per share.

Unity Bank declined by 4.39 per cent to close at N1.09, while Nascon Allied Industries down by 4.21 per cent to close at N20.50 per share.

However, the total volume traded appreciated by 154.6 per cent to 563.6 million shares, worth N5.8 billion, and traded in 4,217 deals. Transactions in the shares of FCMB Groups topped the activity chart with 297.52 million shares valued at N745.22 million. Guaranty Trust Bank followed with 59.48 million shares worth N2.71 billion, while Zenith Bank traded 32.54 million shares valued at N893.48 million.

Sovereign Trust Insurance traded 18.68 million shares valued at N4.1 million, while Fidelity Bank transacted 17.9 million shares worth N44.48 million.

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