The bears strengthened their hold on the equity sector of the Nigerian Stock Exchange (NSE), following continued sell-off witnessed across virtually all the sectors, causing market capitalisation to plummet further by N23 billion.
Yesterday, the All-share Index (ASI) fell by 61.68 points or 0.22 per cent to 28,422.76 points. Accordingly, investors lost N23 billion in value as market capitalisation declined to N10.678 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; Nestle Nigeria, Seplat Petroleum Development Company (Seplat), Lafarge Africa, FBN Holdings, and Dangote Sugar Refinery.
Analysts at Cordros Capital Limited, said: “Our outlook for equities in the short to medium term remains conservative, amidst absence of a positive catalyst. However, stable macroeconomic fundamentals remain supportive of recovery in the long term.”
Also APT Securities and Funds Limited, expected “Further moderation of the ASI, as foreign investors remain on the sidelines in the absence of major economic triggers; but to be diluted by value investors positioning for long term.”
However, market breadth returned to positive position, with 20 gainers versus 16 losers. Neimeth International Pharmaceuticals recorded the highest price gain of 9.09 per cent to close at 60 kobo per share.
Courteville Business Solutions followed with a gain 8.33 per cent to close at 26 kobo, while Thomas Wyatt Nigeria appreciated by 7.69 per cent to close at 27 kobo, per share.
AG Leventis & Company gained 7.14 per cent to close at 28 kobo, while Japaul Oil & Maritime Services rose 5.45 per cent to close at 30 kobo, per share.
On the other hand, UPL led the losers’ chart by 9.73 per cent to close at N1.86, followed by Royal Exchange, and Chams with 8.33 per cent each to close at 22 kobo, and 33kobo, per share, respectively.
Godink Insurance fell 4.76 per cent to close at 20 kobo, while Honeywell Flour Mills shed 4.35 per cent to close at N1.10, per share.
The total volume traded also declined by 6.80 per cent to 200.08 million shares, worth N2.69 billion traded in 3,600 deals. Transactions in the shares of Guaranty Trust Bank topped the activity chart with 33.11 million shares valued at N1.03 billion.
Zenith Bank followed with 27.02 million shares worth N537.77 million, while Access Bank traded 23.03 million shares valued at N155.97 million.
United Bank for Africa (UBA) traded 19.38 million shares at N120.3 million, while FBN Holdings transacted 8.89 million shares worth N64.65 million.
By Helen Oji
The Guardian Newspaper May 15th, 2019