Bearish Run Persists As NSE-ASI Sheds 0.07%

market, Market Indices,NSE

Lagos – Trading on the floor of the Nigerian Stock Exchange (NSE) marginally extended negative outlook at the end of trading activities yesterday when the two major indicators, the All Share Index and Market Capitalisation, declined by  0.07 percent each.

The All-Share Index shed 26.81 basis points, representing a decline of 0.07 per cent to close at 37,226.44 points, while market capitalisation declined by N10 billion to close at N13.485 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Beta Glass, Forte Oil, Nigerian Breweries, Dangote Sugar and GlaxoSmithKline Consumer Nigeria.

Analysts at Afrinvest Limited stated that “As highlighted, we continue to see some late bargain hunting in the market, albeit, insufficient to upturn market performance. Hence, we expect to see a similar trend in today’s trading activity.”

Market breadth closed negative, with 15 gainers versus 30 losers. Custodian and Allied Insurance recorded the highest price gain of 8.45 per cent, to close at N6.80 per share. International Breweries gained 5.61 percent to close at N40.50, while Multiverse Mining & Exploration appreciated by five percent to close at 21 kobo per share.

Vitafoam Nigeria appreciated by 4.52 per cent to close at N3.24, while Japaul Oil & Maritime Services gained 3.03 per cent to close at 34 kobo per share.

On the other hand, Beta Glass led the losers’ chart by 10 percent, to close at N81 per share. Tantalizers followed with a decline of 9.09 percent to close at 30 kobo, while McNichols shed 8.99 percent to close at 81 kobo, per share.

Nigerian Aviation Handling Company (Nahco) declined by 7.25 percent to close at N3.71 and Honeywell Flour shed 6.37 percent to close at N1.91 per share.

However, the total volume traded rose by 22.08 per cent to 350.47 million shares, worth N4.6 billion, and traded in 3,228 deals. Transactions in the shares of NAHCO topped the activity chart with 88.13 million shares valued at N483.47 million. Access Bank followed with 42.87 million shares worth N428.75 million, while Zenith Bank traded 40.84 million shares valued at N980.23 million.

Sovereign Trust Insurance traded 33.77 million shares valued at N7 million, while International Breweries transacted 20.95 million shares worth N777.03 million.

The post Bearish Run Persists As NSE-ASI Sheds 0.07% appeared first on Independent Newspapers Nigeria.

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Author: Bamidele Ogunwusi