Stock Market Reverses Gaining Streak as Index Sheds 0.5 Percent

The Nigerian equities market reversed the gaining streak at the end of yesterday’s transactions, occasioned by sell offs in some bellwethers, as the All-share index slumped by 0.5 per cent.

Yesterday, the All Share Index (ASI) decreased by 141.98 absolute points or 0.51 per cent to close at 27,527.40 points. Similarly, the market capitalisation lost N69 billion to close at N13.415 trillion.

The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which were; Ecobank Transnational Inc. (ETI), Dangote Sugar Refinery, FBN Holdings, NPF Micro Finance Bank, and Access Bank.

Analysts at Afrinvest Limited said: “We maintain our bearish outlook for the equities market in the absence of policy levers to strengthen investors’ appetite.”

Market breadth closed negative, with six gainers against 23 losers. May and Baker Nigeria recorded the highest price gain of 4.35 per cent to close at N2.40 per share.

United Capital followed with 3.88 per cent to close at N2.14, while Sterling Bank gained 3.48 per cent to close at N2.38, per share.

Cement Company of Northern Nigeria (CCNN) rose 3.46 per cent to close at N13.45, while Access Bank appreciated 1.64 per cent to close at N6.20, per share.
On the other hand, Beta Glass led the losers’ chart with 9.95 per cent to close at N59.75 per share.

Continental Reinsurance followed with 9.88 per cent to close at N1.55, while Cadbury Nigeria lost 9.65 per cent to close at N10.30, per share.

Law Union & Rock Insurance shed 8.51 per cent to close at 43 kobo, while Caverton Offshore Support Group lost eight per cent each to close at N2.30, per share.

The total volume traded declined by 39.2 per cent to 170.72 million shares, worth N2.26 billion, and traded in 3,614 deals. Transactions in the shares of Access Bank topped the activity chart with 65.13 million shares valued at N409.15 million.

Guaranty Trust Bank followed with 17.62 million shares worth N488.82 million, while Dangote Flour Mills traded 16.16 million shares valued at N324.55 million.

Zenith Bank traded 10.94 million shares at N197.42 million, while United Bank for Africa (UBA) transacted 7.58 million shares worth N45.16 million.

By Helen Oji

The Guardian Newspaper August 7th, 2019

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