Bears sustain dominance as prices of major stocks dip

Precisely, at the close of trading Tuesday, the ASI shed 56.49 absolute points, representing a decline of 0.21 per cent to close at 26,809.92 points. Similarly, the market capitalisation lost N27 billion, to close at N13.051 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; MTN Nigeria, Guinness Nigeria, Dangote Sugar Refinery, Dangote Flour Mills, and Champion Breweries.

On the market performance, the Chief Operating Officer, InvestData Consulting Limited, Ambrose Omordion, said equities transactions have continued on a weaker note owing to the lack of a positive stimulus needed to drive demand for stocks, as the composite ASI continued on a down trend, defying the seeming resistance and rebound signals given before now.

According to him, this was occasioned by seeming confusion, resulting in sell-down by some fund managers tired of waiting in the continued loss position for a prolonged period, as fiscal and monetary policy authorities become unclear a few days into the last quarter of the year 2019.

“The current trend or patterns seem to portend the possibility that stocks will oscillate in the days to come, but not without worries among players before the earnings season kicks off properly at the mid-month.”

Market breadth closed negative, with 12 gainers versus 14 losers. NASCON Allied Industries recorded the highest price gain of 10 per cent to close at N14.85 per share. NPF Microfinance Bank followed with 9.09 per cent to close at N1.20, while Forte Oil rose 6.08 per cent to close at N15.70, per share.

Mobil Nigeria rose 5.67 per cent to close at N147.90, and Lasaco Assurance by 3.57 per cent to close at 29 kobo, per share.

On the other hand, Champion Breweries led the losers’ chart with 9.57 per cent to close at N1.04 per share. Courteville Business Solutions followed with 9.09 per cent to close at 20 kobo, while Learn Africa fell 8.93 to close at N1.02, per share.

Wema Bank lost 7.94 per cent to close at 58 kobo, while Chams shed 7.69 per cent to close at 24 kobo, per share.

However, total volume traded increased by 22.6 per cent to 185.94 million shares worth N2.54 billion, traded in 3,083 deals. Transactions in the shares of Zenith Bank topped the activity chart with 60.92 million shares valued at N1.097 billion.

FCMB Groups followed with 37.34 million shares worth N59.74 million, while Guaranty Trust Bank traded 27.89 million shares valued at N744.38 million.

FBN Holdings traded 6.56 million shares valued at N34.68 million, while United Bank for Africa (UBA) transacted 5.26 million shares worth N31.63 million.