UMORU ABDULKADIR
The Nigerian Stock market extended its losing streak on Wednesday as the All Share index declined by 0.58 per cent to close lower at 26, 223.66 points.
Specifically, the All Share index dropped 151.69 basis points or 0.58 per cent to finish at 26, 223.66 points as against 26,375.35 points of the previous day.
Similarly, the market capitalisation lost N74 billion or 0.58 per cent to close lower at N12.765 trillion in contrast to N12.839 trillion recorded on Tuesday.
Consequently, the market breadth closed negative with 10 gainers led by Guaranty Trust Bank against 12 losers topped by Presco.
An analysis of the price movement shows that Presco Plc declined by 380 kobo to close at N34.60, Dangote Cement dipped 160 kobo to close at N147.90 per share, Stanbic IBTC followed with a 120 kobo depreciation to settle at N37.80 per share. While International Breweries dropped 110 kobo to finish at N10.25 MTN Nigeria recorded a 100 kobo decline to round off the top five losers’ chart at N123 per share.
Conversely, Guaranty Trust Bank led the best performing stocks when it hitched up 20 kobo to close at N26.25 per share. It was followed by Flour Mills Nigeria with a gain of 5 kobo to close at 15.20 per share, Access Bank, Vitafoam both appreciated by 5 kobo each to close at N8.35 and N3.55 per share each, while Cornerstone Insurance advanced by 4 kobo to finish at N0.49 per share, among others.
On a sectoral performance basis NSE Consumer Goods Index: Dropped by 0.50%, due to the loss in International Breweries (-9.69%).
NSE Industrial Index was down by 0.45 per cent, on the back of the depreciation in Dangote Cement (-1.07%).
NSE Banking Index went down by 0.05 per cent, as a result of the selloffs recorded in Fidelity Bank (-6.88%), Stanbic IBTC (-3.08%), United Bank for Africa (-2.33%) and FBN Holdings (-0.91%), while NSE Oil & Gas Index closed flat
An analysis of the activity chart showed that banking stocks were once again the investors’ toast as United Bank for Africa accounted for 59 million shares valued at N371.5 million.
Access Bank followed with a turnover of 45.6 million shares worth N378.1 million, Zenith Bank sold 26.4 million shares valued at N459.3 million.
While Guaranty Trust Bank traded 19.7 million shares valued at N514.9 million, Transnational Corporation recorded a turnover of 13 million shares worth N13 million.
Jide Solanke, an Analysts at FSDH said the recorded in the equities market today was impacted by losses in most sectors of the market. He maintained that investors should take positions in quality names with a medium to long time investment horizon as prices remain attractive at current levels.
Comments are closed.