Nigeria: Stock Market Index Sustains Sliding Profile, Down By 0.7%

The reign of the bears continued unabated on the equity sector of the Nigerian Stock Exchange (NSE), as more blue-chip stocks constituted the losers chart, resulting to a further slide in the All-share index by 0.7 per cent.

Yesterday, the All Share Index (ASI) gained 222.36 absolute points, representing a growth of 0.73 per cent to close at 30,099.83 points, but not enough to sustain the fortunes, as the market capitalisation lost N98 billion to close at N13.256 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; Mobil Nigeria, Dangote Cement, MTN Nigeria, Nigerian Breweries, and Dangote Sugar Refinery.

Analysts at Cordros Capital Limited, said: "In the absence of a positive catalyst, we guide investors to trade cautiously in the short term. However, stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term."

Market breadth closed negative, with 10 gainers versus 15 losers. Unilever Nigeria recorded the highest price gain of 8.22 per cent to close at N30.95 per share. Associated Bus Company gained 7.14 per cent to close at 30 kobo, while Jaiz Bank appreciated by 4.35 per cent to close at 48 kobo, per share.

Wapic Insurance rose 2.50 per cent to close at 41 kobo, while NEM Insurance gained 2.44 per cent to close at N2.10, per share.

On the other hand, Sovereign Trust Insurance led the losers' chart with eight per cent to close at 23 kobo per share. Japaul Oil and Maritime Services shed 7.41 per cent to close at 25 kobo, while Dangote Sugar fell 4.35 per cent to close at N11, per share.

Mobil Nigeria lost 3.82 per cent to close at N163.50, while Sterling Bank was down 3.28 per cent to close at N2.36, per share.

The total volume traded was lower by 5.64 per cent to 233.45 million shares worth N3.52 billion, traded in 3,169 deals.

Transactions in the shares of Wapic Insurance topped the activity chart with 50.3 million shares valued at N20.13 million. Zenith Bank followed with 28.16 million shares worth N566.47 million, while Courteville Business Solutions traded 25.18 million shares valued at N5.04 million.Access Bank traded 25.1 million shares valued at N157.26 million, while Sterling Bank transacted 21.09 million shares worth N49.62 million.

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