Bears Emerge as Index Plummets by 0.2%

Transactions on the equity sector of the Nigerian Stock Exchange recorded a downturn yesterday, following price losses suffered by most blue chip stocks, as the All Share Index (ASI) declined by 0.2 per cent.
In summary, the ASI shed 54.72 absolute points, representing a decline of 0.17 per cent to close at 32,711.65 points.

Also, the market capitalisation declined by N20 billion to close at N11.942 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Stanbic IBTC Holdings, Guaranty Trust Bank and Guinness Nigeria.

Analysts at Afrinvest Limited said: “We expect sustained profit taking in the remaining trading sessions.

However, we do not rule out the possibility of bargain hunting in fundamentally sound stocks towards the end of the week.”

Market breadth closed negative, with 15 gainers versus 17 losers. Forte Oil recorded the highest price gain of 6.73 per cent, to close at N21.40 per share.

Fidelity Bank followed with a gain of 5.88 per cent to close at N1.80, while Livestock Feeds rose by 5.26 per cent to close at 60 kobo per share.

AIICO Insurance appreciated by 3.90 per cent to close at 80 kobo, while Lafarge Africa appreciated by 3.60 per cent to close at N23 per share.

On the other hand, AG Leventis Nigeria and First Aluminium led the losers’ chart by 9.76 per cent, to close at 37 kobo each, while UAC Property trailed with a loss of 9.74 per cent to close at N1.76, per share.

Union Diagnostic & Clinical Services depreciated by 8.82 per cent to close at 31 kobo, while Cement Company of Northern Nigeria (CCNN) shed 8.30 per cent to close at N23.20 per share.

The total volume traded appreciated by three per cent to 184.53 million shares, worth N2.82 billion, and traded in 2,269 deals.

By Helen Oji

The Guardian Newspaper October 3rd, 2018

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