Stock market sustains sliding profile, index dips by 0.07%

Persistent price depreciation in the shares of most highly capitalised firms on the Nigerian Stock Exchange (NSE), yesterday dragged the All-share index further by 0.07 per cent.
Specifically, at the close of transactions yesterday, the All-Share Index (NSE-ASI) shed 26.81 absolute points, representing a decline of 0.07 per cent to close at 37,226.44 points.

Also, the market capitalisation declined by N10billion to close at N13.485trillion.The decline was occasioned by losses recorded in medium and large capitalised stocks, amongst which are; Beta Glass, Forte Oil, Nigerian Breweries, Dangote Sugar, and GlaxoSmithKline Consumer Nigeria.

Analysts at Afrinvest Limited said: “As highlighted, we continue to see some late bargain hunting in the market, albeit, insufficient to upturn market performance. Hence, we expect to see a similar trend in today’s trading activity.”

Market breadth closed negative, with 15 gainers versus 30 losers. Custodian and Allied Insurance recorded the highest price gain of 8.45 per cent to close at N6.80 per share. International Breweries gained 5.61 per cent to close at N40.50.

Multiverse Mining and Exploration appreciated by five per cent to close at 21kobo per share.Vitafoam Nigeria added by 4.52 per cent to close at N3.24, while Japaul Oil & Maritime Services gained 3.03 per cent to close at 34kobo per share.

On the other hand, Beta Glass led the losers’ chart by 10 per cent, to close at N81 per share. Tantalizers followed with a decline of 9.09 per cent to close at 30kobo, while McNichols shed 8.99 per cent to close at 81kobo, per share.

Nigerian Aviation Handling Company (NAHCO) declined by 7.25 per cent to close at N3.71, and Honeywell Flour shed 6.37 per cent to close at N1.91 per share.However, the total volume traded rose by 22.08 per cent to 350.47 million shares worth N4.6billion traded in 3,228 deals. Transactions in the shares of NAHCO topped the activity chart with 88.13 million shares valued at N483.47million. Access Bank followed with 42.87 million shares worth N428.75million, while Zenith Bank traded 40.84 million shares at N980.23million.
Sovereign Trust Insurance traded 33.77 million shares valued at N7million, while International Breweries transacted 20.95 million shares worth N777.03million.