Price losses outweigh gains on NSE as index slumps by 1.11 per cent

Price losses continued to outweigh gains on the equities sector of the Nigerian Stock Exchange (NSE), as more blue-chip stocks joined the league of losers, causing the All-share index to depreciate further by 1.11 per cent.

Precisely, at the close of transactions yesterday, market breadth closed negative, recording eight gainers as against 23 losers.

The All-Share Index (ASI) shed 297.10 absolute points, representing a decline of 1.11 per cent to close at 26,384.21 points. Similarly, the overall market capitalisation lost N144 billion, to close at N12.734 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, MTN Nigeria, Dangote Cement, Arbico Plc and Union Bank of Nigeria (UBN).

Capital market analysts predict gloomy outlook but noted that opportunities for bargain hunting are imminent.

The Chief Operating Officer of InvestData Consulting Limited, Ambrose Omordion said: “We expect the mixed performance to continue as investors take advantage of the correctional profit-taking and low supply to position, ahead of the usual Santa Claus and year-end rally as capital flow and repositioning in value stocks continue.

“There is also the changing sentiment in the expectation of improved liquidity and positive economic indices.”
Royal Exchange recorded the highest price gain of 7.41 per cent, to close at 29 kobo, per share

FCMB Group followed with a gain 3.95 per cent to close at N1.84, while Ekocorp Plc appreciated by 3.75 per cent to close at N4.15, per share.

United Capital went up by 2.29 per cent to close at N2.23, while GlaxoSmithKline Consumer Nigeria appreciated by 1.72 per cent to close at N5.80, per share.

On the other hand, DAAR Communications led the losers’ chart by 10 per cent, to close at 36 kobo, while Arbico Plc followed with a decline of 9.95 per cent to close at N3.89, per share.

Cornerstone Insurance and Fidson Healthcare lost 8.82 per cent, each to close at 62 kobo and N3.10, respectively, while Courteville Business Solutions shed eight per cent to close at 23 kobo, per share.

The total volume traded rose by 1.9 per cent to 196.29 million shares, worth N3.55 billion, and traded in 3,153 deals. Transactions in the shares of Guaranty Trust Bank led the activity chart with 49.22 million shares valued at N1.43 billion.

Access Bank followed with 21 million shares worth N192.91 million, while Transnational Corporation of Nigeria (Transcorp) traded 14.15 million shares valued at N13.82 million.

Zenith Bank traded 11.23 million shares valued at N208.38 million, while Wema Bank transacted 10.67 million shares worth N7.04 million.

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