The Nigerian Stock Exchange (NSE) All – Share- Index (NSE-ASI), yesterday, extended losing streak for the fifth consecutive trading days by 0.48 per cent amid sustained profit taking activity.
In summary, the ASI shed 162.52 absolute points, representing a decline of 0.48 per cent to close at 33,449.17 points. Also, the market capitalisation declined by N59 billion to close at N12.212 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nigerian Breweries, Guaranty Trust Bank, Dangote Sugar, Forte Oil and UAC of Nigeria (UACN).
Analysts at Afrinvest Limited noted that “yesterday’s session saw higher sell pressures on major bellwethers although investors bidded to buy the dip towards the close of market. Nonetheless, bearish sentiments remain. Against this backdrop, we maintain a near-term negative outlook for the market.”
Market breadth closed negative, with 14 gainers versus 30 losers. Law Union and Rock Insurance recorded the highest price gain of 10 per cent, to close at 55 kobo per share.
Nestle Nigeria gained 9.59 per cent to close at N1,485, while Regency Alliance Insurance appreciated by 9.52 per cent to close at 23 kobo per share.
Neimeth International Pharmaceuticals appreciated by 9.09 per cent to close at 72 kobo, while Learn Africa gained 8.91 per cent to close at N1.10 per share.
On the other hand, Dangote Sugar Refinery and Nigerian Aviation Handling Company (Nahco) led the losers’ chart by 10 per cent, each N14.40 and N3.60 per share, respectively. Universal Insurance and Sunu Assurances shed 9.09 per cent each to close at 20 kobo and 30 kobo, respectively, while Japaul Oil & Maritime Services depreciated by 8.33 per cent to close at 22 kobo per share.
However, the total volume traded appreciated by 9.5 per cent to 150.67 million shares, worth N1.6 billion, and traded in 3,678 deals.
Transactions in the shares of Guaranty Trust Bank topped the activity chart with 17.47 million shares valued at N562.78 billion. United Bank for Africa (UBA) followed with 15.56 million shares worth N117.42 million, while Diamond Bank traded 13.83 million shares valued at N18.61 million.
Access Bank traded 11.88 million shares valued at N103.26 million, while Zenith Bank transacted 11.69 million shares worth N236.05 million.