Stock Exchange Bears’ dominance has remained unabated on the Nigerian Exchange Limited (NGX), as more bluechip stocks recorded price depreciation, causing the All-Share Index (ASI) to drop further by 0.19 per cent.
Yesterday, the ASI dropped by 73.01 absolute point, representing a decline of 0.19 per cent to close at 37,585.25 points while the overall market capitalisation value lost N34 billion to close at N19.593 trillion.
The downturn was driven by price depreciation in large and medium capitalised stocks, among which are: Presco, BOC Gases, Conoil, Africa Prudential and Zenith Bank Plc.
Analysts at Vetiva Dealing and Brokerage firm said: “As expected, the market began on a mixed note, between buying and sell offs and we expect this to remain in tomorrow’ session, albeit with a slightly negative tilt. We also expect demand in Tier 1 names to persist, as investors continue to favor the sector.”
Analysts at United Capital Plc expressed optimism that the market would witness a rebound following bullish sentiments observed towards the end of the prior week. In addition, the market appears to be technically oversold in the short term and is poised for a potential rebound higher.”
A total of 18 stocks recorded price depreciation while 13 others constituted the losers’ chart. Ikeja Hotel topped the gainers chart with 10 per cent to close at N1.10 kobo, while Fidson Healthcare followed with a gain of 7.91 per cent to close at N6.00 kobo. Linkage Assurance went up by 7.69 per cent to close at 70 kobo.
Chams rose by five per cent to close at 21 kobo while FCMB Group gained 3.33 per cent to close at N3.10 kobo. On the other hand, BOC Gases led the losers’ chart with 9.95 per cent to close at N9.50 kobo. Royal Exchange followed with a decline of 7.94 per cent to close at 58 kobo. Unity Bank lost 5.17 per cent to close at 55 kobo.
Mutual Benefits Assurance lost 4.76 per cent to close at 40 kobo while Honeywell Flour Mills shed 4.52 per cent to close at N1.48 kobo.
The total volume of trades declined by 19.34 per cent to 163.503 million units, valued at N3.437 billion, and exchanged in 3,562 deals. Transactions in the shares of FBN Holdings topped the activity chart with 18.141 million shares valued at N130.423 million.
United Bank for Africa (UBA) followed with 13.006 million shares worth N94.439 million, while Guaranty Trust Holding Company traded 11.845 million shares […]