Bears retain market hold amid depreciation in bellwether stocks


The Nigerian Stock Exchange (NSE), resumed trading on a bearish note after the one-day holiday to mark Democracy Day celebration with 0.23 per cent decline on losses in 15 stocks.

Specifically, at the close of trading yesterday, the All-Share Index (ASI) shed 70.68 absolute points, representing a dip of 0.23 per cent to close at 30,029.15 points.

Similarly, the market capitalisation shed N31 billion to close at N13.225 trillion.
Thursday’s downturn was impacted by price depreciation in medium and large capitalised stocks, among which were, Nestle Nigeria, Dangote Cement, Presco, C&I Leasing, Dangote Sugar, and UAC of Nigeria (UACN).

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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 macro-economic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.”

Market breadth was negative with 14 gainers against 15 losers. GlaxoSmithKline Consumer Nigeria recorded the highest price gain of 9.15 per cent to close at N8.35, per share.

May and Baker Nigeria followed with 6.33 per cent to close at N2.35, while Mutual Benefits Assurance rose five per cent to close at 21 kobo, per share.

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United Capital gained 3.60 per cent to close at N2.30, while Africa Prudential added 2.35 per cent to close at N3.49, per share.
On the other hand, C&I Leasing led the losers’ chart with 9.87 per cent to close at N6.30, per share.

NPF Micro Finance Bank followed with 9.72 per cent to close at N1.30, while UACN Property Development Company fell 8.48 per cent to close at N1.51, per share.

Presco shed 5.17 per cent to close at N55, while Livestock Feeds down by 4.76 per cent to close at 60 kobo, per share.

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The total volume traded however rose by 3.93 per cent to 242.62 million units, valued at N5.96 billion, exchanged in 3,153 deals. Guaranty Trust Bank traded 78.3 million shares valued at N2.41 billion.

Zenith Bank followed with 33.99 million shares worth N681.26 million, while United Bank for Africa (UBA) traded 25.46 million shares at N158.88 million.

Ecobank Transnational Inc (ETI) traded 18.06 million shares valued at N176.98 million, while MTN Nigeria transacted 9.49 million shares worth N1.29 billion.

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