Transactions on the equity sector of the Nigerian Stock Exchange (NSE), sustained the sliding profile yesterday, as more bellwether stocks depreciated in price, resulting to a further slide in the All-share index by 0.4 per cent.
Tuesday, the All Share Index (ASI) fell by 100.46 points or 0.34 per cent to 29,096.41 points. Accordingly, investors lost N37 billion in value as market capitalisation fell to N10.936 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; Julius Berger, Okomu Oil, Dangote Flour Mills, Cadbury Nigeria, and Zenith Bank.
Analysts at Afrinvest Limited, said: “Consequent on yesterday’s bearish performance and the weak investors sentiment, we opine that subsequent trading sessions will continue to be bearish in the near term.”
Also analysts at Cordros Capital, said: “In our view, the sustained sell-offs in the Nigerian equities market is overdone compared to peer markets. This provides a basis for the ASI to recover in the absence of further downside risks.
“Beyond the obvious, we believe that the blend of positive macro-economic fundamentals and compelling valuations supports our view of a near term recovery.”
Market breadth was negative, with 11 gainers versus 32 losers. Beta Glass recorded the highest price gain of 10 per cent to close at N62.70 per share.
Courteville Business Solutions followed with a gain 8.33 per cent to close at 26 kobo, while Chams added y 8.16 per cent to close at 53 kobo, per share.
Consolidated Hallmark Insurance rose 7.41 per cent to close at 29 kobo, while Regency Alliance Insurance appreciated by four per cent to close at 26 kobo, per share.
On the other hand, Dangote Flour led the losers’ chart by 9.86 per cent to close at N16, while Ikeja Hotel followed with 9.38 per cent to close at N1.45 kobo, per share.
Cadbury Nigeria shed 9.32 per cent to close at N10.70 per share, while Goldlink Insurance, and Veritas Kapital Assurance shed 9.09 per cent each to close at 30 kobo and 20 kobo, respectively, per share.
Meanwhile, the total volume traded improved by 58.73 per cent to 430.27 million shares worth N2.83 billion, traded in 4,512 deals.
Transactions in the shares of Courteville Business Solutions topped the activity chart with 106.57 million shares valued at N26.86 million.
Japaul Oil & Maritime Services followed with 61.23 million shares worth N21.32 million, while Access Bank traded 53.69 million shares at N378.31 million.
United Bank for Africa (UBA) traded 40.52 million shares valued at N268.49 million, while Zenith Bank transacted 22.11 million shares worth N458.65 million.