Trading on the Nigerian Stock Exchange (NSE) reopened on a downturn yesterday, following losses suffered by most bluechip stocks, especially Unity Bank and Airtel Africa, as market capitalisation slumped by N100 billion.
The All-Share Index (ASI) fell by 204.68 points or 0.74 per cent to 27,574.32 points, while investors lost N100 billion in value as market capitalisation declined to N13.423 trillion.
The downturn came as losses recorded by medium and large capitalised stocks, among which were Airtel Africa, Chemical and Allied Products (CAP), Cement Company of Northern Nigeria (CCNN), Dangote Cement and Unilever Nigeria, outweighed gains.
Reviewing the market performance, analysts at Afrinvest Limited, said: “In line with the trend, we expect the bearish performance to continue in the absence of any positive driver. Nevertheless, we do not rule out the possibility of bargain hunting activities driving positive performance in subsequent sessions.”
However, market breadth closed positive, with 25 gainers versus 13 losers. Cornerstone Insurance recorded the highest price gain of 10 per cent, to close at 33 kobo, per share.
NEM Insurance followed with a gain 9.55 per cent to close at N1.95, while Okomu Oil appreciated by 9.30 per cent to close at N53.90, per share. Cadbury Nigeria went up by 8.37 per cent to close at N11.65, while Livestock Feeds appreciated by 7.69 per cent to close at 42 kobo, per share.
On the other hand, Unity Bank and Airtel Africa led the losers’ chart by 10 per cent, each to close at 63 kobo and N315, respectively, while Chams followed with a decline of 7.69 per cent to close at 24 kobo, per share.
Initiates Plc lost 6.67 per cent to close at 70 kobo, while CAP shed 6.06 per cent to close at N23.25, per share.
The total volume traded rose by 62.4 per cent to 271.24 million shares, worth N2.91 billion, and traded in 4,795 deals.
Transactions in the shares of FBN Holdings topped the activity chart with 56.58 million shares valued at N309.25 million, while Guaranty Trust Bank followed with 25.93 million shares worth N731.45 million, as Access Bank traded 15.89 million shares valued at N118.55 million.
Zenith Bank traded 15.75 million shares valued at N306.36 million, while Fidelity Bank transacted 14.77 million shares worth N26.33 million.
Source: TheGuardian, September 17, 2019