29 May 2018

Nigeria: NSE's Indices Sustain Sliding Profile, Down By N107 Billion

The Nigerian equities market sustained sliding profile at the reopening of transactions yesterday, as most blue-chip stocks constituted the losers' chart, causing market capitalisation dip further by N107 billion.

Specifically, at the close of transactions yesterday, the All-Share Index (ASI) depreciated by 295.11 absolute points, representing a loss of 0.75 per cent to close at 39,028.51 from 39,323.62 at which it closed for trading on Friday. Similarly, the market capitalisation depreciated by N107 billion to close at N14.137 trillion from N14.244 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Wapco, MRS Oil Nigeria, Guaranty Trust Bank, Zenith Bank and FBN Holdings.

Stocks market analysts noted that the decline seen in the market was due to profit booking and cautious trading that dominated the market, amidst high selling pressure and low buying volume, especially as the Nigerian market traded below its 20-day Moving Average for seven successive weeks.

Analysts at United Capital Plc said: "This week, we anticipate bargain hunting activities even as technical indicator hovers around the oversold region."Market breadth closed negative, with 10 gainers versus 33 losers.

Consolidated Hallmark Insurance recorded the highest price gain of 6.67 per cent, to close at 32 kobo per share. Eterna gained 4.93 per cent to close at N5.53 per share while Ikeja Hotel appreciated by 4.65 per cent to close at N2.70 per share.

Sovereign Trust Insurance appreciated by 3.85 per cent to close at 27 kobo, while flour Mills Nigeria gained 2.03 per cent to close at N30.10 per share.On the other hand, FCMB Groups led the losers' chart with 9.09 per cent, to close at N2.00 per share. Japaul Oil and Maritime Services shed 7.69 per cent to close at 22 kobo.

Wapic Insurance depreciated by 7.69 per cent to close at 48 kobo per share. Diamond Bank declined by 5.11 per cent to close at N1.30 and Africa Prudential also shed five per cent to close at N3.80 per share.The total volume traded depreciated by 24.89 per cent to 222.32 million shares, worth N1.64 billion, and traded in 4,461 deals. Transactions in the shares of Aiico Insurance topped the activity chart with 40.75 million shares valued at N23.63 million.

Access Bank followed with 27.41 million shares worth N292.1 million, while FBN Holdings traded 26.53 million shares valued at N245.61 million.Fidelity Bank traded 12.54 million shares valued at N22.7 million, while UBA transacted 10.17 million shares worth N105.4 million.


Most African Children Without Birth Certificates Are Nigerians

For every 10 Nigerian children that are at least five years old, there are no records about the birth of seven. Even… Read more »

See What Everyone is Watching

Copyright © 2018 The Guardian. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 700 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.