ASI Down 0.30% On Sell-Offs in Blue-Chip Stocks
Umoru Abdulkadir
The Nigerian Stock Exchange trading activities closed in the negative territory on Thursday, as it declined by 0.30 per cent to reverse previous day’s gain closing lower at 26,584.45 points.
Today’s downturn was occasioned by loses recorded in MTN Nigeria stocks, UPDC Real Estate Investment Trust, UACN, Access Bank Plc and International Breweries, among others
Consequently, the All-Share Index dipped 81.28 basis points or 0.30 per cent to close at 26,584.45 points lower than 26,665.73 points recorded on Wednesday while the market capitalisation depreciated by N38 billion or 0.30 per cent to close at N12.832 trillion lower than N12.870 trillion achieved the previous day.
Despite the bearish outlook of the market on Thursday, the market breadth closed positive with 14 gainers led Guaranty Trust Bank and 11 losers topped by MTN Nigeria, an indication that Investors’ positive sentiments for equity assets remained high.
A look at the price movement for today showed that MTN Nigeria led the worst performing stocks with a loss of 230 kobo to close trading at N112.5 per share, followed by UPDC Real Estate Investment Trust, which dropped 35 kobo to close at N3.3 per share. UACN depreciated by 15 kobo to close at N8.6 per share.
While Access Bank dipped 10 kobo to settle at N9.8 per share, International Breweries also declined by 10 kobo to close today’s trading at N9.4 per share, among others.
On the flip side, Guaranty Bank led the best performing stocks on the day when it added 50 kobo to close at N30.05 per share, followed by GlaxoSmithKline Pharmaceuticals which also inched up 50 kobo to close at N5.75 per share. Stanbic IBTC Holdings Plc record 20 kobo gain to close at N37.2 per share.
While Fidelity Bank Plc nicked 12 kobo to close at N2.2 per share, United Capital Plc advanced by 7 kobo to close at N2.37 per share to round off the top five gainers’ table.
Banking stocks were investors’ toast as Access Bank’s stocks emerged the most active, accounting for 147.7 million units of shares valued at N1.43 billion, followed by Zenith Bank, which exchanged 27.4 million shares estimated at N506.3 million. Fidelity Bank sold 23.1 million shares worth N41.5 million.
Guaranty Trust Bank also traded 21.6 million shares estimated at N639.8 million, While Fidelity Bank had a turnover of 13.9 million shares valued at N30.3 million to boost market turnover and market capitalization respectively.
On today’s bearish market performance, analysts at FSDH, Mr. Jide Solanke said, “Despite the oscillatory movement of the Market Composite All-Share Index, positive sentiment for equity assets by investors remained strong.”
He also attributed today’s negative performance to sell pressure in stocks like MTN Nigeria, Access Bank as well as International Breweries.
On the whole market outlook for today and expectation for the next trading session, he said, “We expect a sustained mixed performance amidst profit taking and positioning, as investors cash in on the current low prices to position.”
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