Following price losses incurred by most blue-chip stocks, trading on the floor of the Nigerian Stock Exchange (NSE) sustained sliding profile yesterday as the All -Share Index (ASI) further dropped by 0.6 per cent.
The ASI decreased by 167.28 absolute points, representing a dip of 0.61 per cent to close at 27,407.04 points. Similarly, the market capitalisation lost N81 billion to close at N13.342 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, among which are: Airtel Africa, Flour Mills of Nigeria, NCR Nigeria, Custodian Investment and Zenith Bank.
Analysts at Afrinvest Limited said: “In line with our expectations, we believe the bearish momentum will persist due to weak investors’ appetite towards the domestic equities market.”
However, market breadth closed positive, with 22 gainers versus 15 losers. NEM Insurance recorded the highest price gain of 9.47 per cent, to close at N2.14, per share.
Livestock Feeds followed with a gain 9.52 per cent to close at 46 kobo, while PZ Cussons Nigeria appreciated by 9.32 per cent to close at N6.45 per share.
Cornerstone Insurance went up by 9.09 per cent to close at 36 kobo, while chams appreciated by 8.33 per cent to close at 26 kobo per share.
On the other hand, Airtel Africa led the losers’ chart by 10 per cent, to close at N283.50, per share. UACN Property Development Company followed with a decline of 9.55 per cent to close at N1.42 per share while NCR Nigeria went down by 9.09 to close at N4.50 per share.
Courteville Business Solution lost 8.70 per cent to close at 21 kobo, while Continental Reinsurance shed 6.67 per cent to close at N1.40, per share.
The total volume traded declined by 26.2 per cent to 198.03 million shares, worth N2.9 billion and traded in 3,830 deals.
Transactions in the shares of Access Bank topped the activity chart with 57.82 million shares valued at N434.19 million.
Zenith Bank followed with 19.99 million shares worth N382.23 million, while Sterling Bank traded 10.37 million shares valued at N23.46 million.
FBN holdings traded 10.36 million shares valued at N55.92 million, while United Bank for Africa (UBA) transacted 9.32 million shares worth N59.79 million.
Source: TheGuardian, Sept 18, 2019