Stock market reverses gaining streak as index slides 0.90 per cent

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Stock market reverses gaining streak as index slides 0.90 per cent

The Nigerian equities market yesterday reversed its gaining streak to close on a downturn, occasioned by losses in most blue-chip stocks, as the All-Share Index (ASI) fell 0.90 per cent.

Yesterday, the ASI slipped by 220.65 absolute points, or 0.90 per cent to close at 24,374.40 points. Similarly, the overall market capitalisation lost N115 million to close at N12.715 trillion.

The downtrend was impacted by losses recorded in large and medium value stocks, including Unilever Nigeria, Guaranty Trust Bank, Flour Mills of Nigeria, Zenith Bank, and Cadbury Nigeria.

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Analysts at APT Securities and Funds Limited reiterated that “We expect a slowdown in market activities in a short while before positive rally picks up in mid to long term, owing to anticipating half year earnings release.”

The market breadth closed negative, recording only seven gainers against 26 losers. Neimeth International Pharmaceuticals recorded the highest price gain of 9.40 per cent to close at N1.63 per share.

Jaiz Bank followed with 7.27 per cent to close at 59 kobo, while Unity Bank rose 6.38 per cent to close at 50 kobo, per share. Nigerian Aviation Handling Company (NAHCO) advanced 5.53 per cent to close at N2.10, and Red Star Express appreciated by 4.76 per cent to close at N3.30, per share.

On the other hand, Capital Hotel and GlaxoSmithKline Consumer Nigeria led the losers’ chart by 10 per cent each, to close at N2.43 and N4.95 per share, respectively.

Unilever Nigeria followed with 9.80 per cent to close at N13.80 per share.

CI Leasing lost 9.78 per cent to close at N4.15, and Sterling Bank shed 9.49 per cent to close at N1.24, per share.

Also, the total volume traded declined by 9.03 per cent to 180.122 million shares worth N1.847 billion, traded in 3,889 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 23.928 million shares valued at N153.170 million.FBN Holdings followed with 21.569 million shares worth N110.470 million, and Guaranty Trust Bank traded 21.095 million shares at N446.003 million.

Transnational Corporation of Nigeria (Transcorp) traded 16.815 million shares valued at N10.432 million, while Zenith Bank transacted 15.539 million shares worth N236.467 million.