Stock market index plunges further on profit-taking

Following profit-taking in some bellwethers, transactions on the trading floor of the Nigerian Stock Exchange (NSE), extended the negative streak as the All Share Index plunged further by 0.6%.At the close of trading yesterday, the All -share index (ASI) shed 177.69 absolute points, representing a decline of 0.59 per cent to close at 29,898.31 points.

Similarly, the market capitalisation shed N67 billion to close at N11.236 trillion. The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst them; Nestle Nigeria, Seplat Petroleum Development Company, Mobil Nigeria, Conoil, and International Breweries.
Analysts at Cordros Capital Limited, said: “In the absence of a positive catalyst, we guide investors to trade cautiously in the short term.

However, stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.”However, market breadth was positive with 26 gainers versus 14 losers. Dangote Flour Mills recorded the highest price gain of 9.79 per cent to close at N12.90 per share.
BOC Gases Nigeria followed with a gain of 9.76 per cent to close at N4.16, while Fidson Healthcare appreciated by 9.64 per cent to close at N4.55 per share.

Japaul Oil & Maritime Services gained 9.09 per cent to close at 24 kobo, while Neimeth International Pharmaceuticals rose 8.93 per cent to close at 61 kobo, per share. On the other hand, Conoil led the losers’ chart with 9.57 per cent to close at N20.80 per share. International Breweries followed with a decline of 8.70 per cent to close at N21, while A.G. Leventis Nigeria depreciated by 7.14 per cent to close at 26 kobo, per share.

Oando fell 5.88 per cent to close at N4.80, and Seplat shed 4.39 per cent to close at N545, per share.Total volume traded depreciated by 3.58 per cent to 304.86 million shares worth N2.63 billion, traded in 3,902 deals. Transactions in the shares of Japaul Oil topped the activity chart with 93.3 million shares valued at N20.82 million. Access Bank followed with 27.47 million shares worth N190.68 million, while United Bank for Africa traded 25.89 million shares at N180.94 million.Zenith Bank traded 25.77 million shares valued at N543.57 million, while UAC of Nigeria transacted 16.61 million shares worth N116.13 million.