The reign of the bears yesterday continued unabated on the equity sector of the Nigerian Stock Exchange (NSE), just as virtually as the blue-chip stocks depreciated in price, as investors’ wealth plunged further by N113 billion in four trading days.
Specifically, the market capitalisation, which stood at N10,973 trillion when the market reopened for trading on Monday, shed N113 billion or 1.0 per cent to close at N10,860 trillion yesterday.
Also, the All-share index declined by 300.62 points from 29,196.87 to 28,896.25.
Yesterday’s downturn was impacted by losses recorded in medium and large capitalised stocks, among which are: Julius Berger, Zenith Bank, Caverton Offshore Support Group, UACN of Nigeria (UACN) and Nigerian Breweries.
Analysts at United Capital Limited said: “The major reason for the relatively lacklustre performance by the NSE can be attributed to lack of foreign interests, most likely as a result of uncertainties around the current administration as regards the team it will employ to implement its policies. There is also the current silence around who the next Central Bank of Nigeria (CBN) Governor would be, amid fears of a devaluation. Additionally, inactivity at the primary market segment has continued to make the market less attractive to FPIs.”
Market breadth was negative, with eight gainers versus 19 losers. Veritas Kapital Assurance recorded the highest price gain of 10 per cent, to close at 22 kobo, per share. AXA Mansard Insurance followed with a gain 5.41 per cent to close at N1.95, while FCMB Groups appreciated by five per cent to close at N1.89, per share.
Regency Alliance Insurance went up by four per cent to close at 26 kobo, while Africa Prudential appreciated by 3.15 per cent to close at N3.93, per share. On the other hand, Japaul Oil & Maritime Services led the losers’ chart by 10 per cent, to close at 27 kobo, per share.
Caverton followed with a decline of 9.96 per cent to close at N2.44, while Neimeth International Pharmaceuticals depreciated by 9.84 per cent to close at 55 kobo per share.
Chams by 9.33 per cent to close at 44 kobo, while AG Leventis & Company shed 7.69 per cent to close at 24 kobo, per share.
Also, the total volume traded declined by 33.74 per cent to 215.2 million shares, worth N2.05 billion, and traded in 5,646 deals.
Transactions in the shares of Access Bank topped the activity chart with 40.7 million shares valued at N283.47 million. Zenith Bank followed with 28.6 million shares worth N576.45 million, while Stering Bank traded 23.79 million shares valued at N63.99 million.
Guaranty Trust Bank traded 12.78 million shares valued at N414.72 million, while Lasaco Assurance transacted 10.73 million shares worth N3.22 million.
By Helen Oji
The Guardian Newspaper May 10th, 2019