Stock Market Reopens Bearish, Indices Down by ₦16 Billion

Following renewed profit taking by investors on the Nigerian Stock Exchange (NSE), equity transactions reopened for the week on a downward note, causing market capitalisation to dip by N16 billion.
Specifically, at the close of transactions yesterday, the NSE-ASI was down by 43.98 absolute points, representing a dip of 0.14 per cent to close at 32,413.00 points. Similarly, the market capitalisation decreased by N16 billion to close at N11.833 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Unilever Nigeria, Nigerian Breweries, Lafarge Africa, Fidson Healthcare, Guinness Nigeria.

Analysts at Afrinvest Limited said that “following the positive performance last week, we expect investors to book profit in previous advancers till midweek.”

Market breadth closed negative, with 16 gainers versus 17 losers. AXA Mansard recorded the highest price gain of 10 per cent, to close at N1.98 per share.

Forte Oil gained 9.88 per cent to close at N22.25, while NASCON Allied Industries appreciated by 7.57 per cent to close at N19.90 per share.

NPF Microfinance Bank appreciated by 5.81 per cent to close at N1.64, while Livestock Feeds gained 5.26 per cent to close at 60 kobo per share.

On the other hand, Fidson Healthcare led the losers’ chart by 10 per cent, to close at N5.40 per share. Wapic Insurance followed with a decline of 9.09 per cent to close at 40 kobo, while UACN Property Development Co depreciated by eight per cent to close at N1.61 per share.

Lafarge Africa declined by 6.52 per cent to close at N21.50 and Unilever Nigeria shed 5.29 per cent to close at N41.20 per share.

The total volume traded depreciated by 43.72 per cent to 91.41 million shares, worth N960.91 million, and traded in 2,529 deals.

Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 14.61 million shares valued at N118.38 million.

FCMB Groups followed with 11.87 million shares worth N19.39 million, while Fidelity Bank traded 6.91 million shares valued at N13.11 million.

By Helen Oji

The Guardian Newspaper October 16th, 2018

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