Stock market reverses previous gains, as index plummets by 0.7 per cent

Following price losses incurred by most blue-chip stocks, the Nigerian Stock Exchange (NSE) closed on a downward note yesterday, as the All-Share Index (ASI) slumped by 0.7 per cent.

Specifically, at the close of transactions yesterday, the All-Share Index fell by 181.45 points or 0.7 per cent to 27,425.57 points. Accordingly, investors lost N89 billion in value as market capitalisation declined to N13.342 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, MTN Nigeria, Unilever Nigeria, Flour Mills of Nigeria and UAC of Nigeria (UACN).

Analysts at Afrinvest Limited said: “In line with our expectations, the equities market posted a bearish performance today and we expect this to continue in the absence of a major economic stimulus.”

However, market breadth closed positive, with 18 gainers versus 14 losers. Continental Reinsurance recorded the highest price gain of 9.79 per cent, to close at N1.57, per share. Africa Prudential followed with a gain of 8.57 per cent to close at N3.80, while Forte Oil appreciated by 6.82 per cent to close at N16.45, per share.

Neimeth International Pharmaceuticals went up by 6.38 per cent to close at 50 kobo, while Livestock Feeds and Mutual Benefits Assurance appreciated by five per cent each to close at 42 kobo and 21 kobo, respectively, per share

On the other hand, UACN led the losers’ chart by nine per cent, to close at N4.55, per share. Flour Mills followed with a decline of 5.59 per cent to close at N13.50, while UACN Property Development Company declined by 5.38 per cent to close at 88 kobos, per share.

Courteville Business Solutions depreciated by 4.76 per cent to close at 20 kobo and Cornerstone Insurance declined by 4.55 per cent to close at 21 kobo, per share.

Total volume traded depreciated by 11 per cent to 116.07 million shares, worth N1.65 billion, and traded in 3,129 deals.

Transactions in the shares of Zenith Bank topped the activity chart with 19.09 million shares valued at N353.45 million. Lafarge Africa followed with 17.66 million shares worth N250.71 million, while Access Bank traded 15.01 million shares valued at N96.9 million.

Neimeth International Pharmaceuticals traded 6.98 million shares valued at N3.26 million, while Guaranty Trust Bank sold 5.77 million shares worth N155.83 million.