NSE ASI falls to 6-week low on sustained profit taking

The stock market on Tuesday extended its Monday’s bearish performance as the key performance indicator of the Nigerian Stock Exchange (NSE), the All Share Index (ASI) dipped, hitting its lowest point in six weeks on sustained profit taking activity.

The benchmark index fell by 0.81 percent to close at 36,963.70 points as year-to-date loss worsened to 3.35 percent, this is after the index had shed 0.34 percent at the end of transactions on Monday.

At the end of the day’s trading, 33 losers emerged against 14 gainers. Investors lost N109.8 billion as market capitalization of listed equities declined to N13.39 trillion.

The Tuesday’s negative performance on the floor of NSE was majorly driven by losses in Stanbic IBTC Holdings, International Breweries and Guaranty Trust Bank, recording 7.67 percent, 7.41 percent and 1.13 percent depreciation respectively.

The performance across the sectors was mostly bearish as NSE Industrial Goods, NSE Oil & Gas, NSE Consumer Goods and NSE Banking indices closed negative, while NSE Insurance rose by 0.2 percent.

Oando further dropped by 9.48 percent amid controversies surrounding the debt repayment verdict by the London Court of International Arbitration against its management.

Read also: Stock market closes in red as OANDO loses 9.38% over $680m London court verdict

Capital Oil, Julius Berger and Glaxosmith topped the losers’ chart, falling by 10 percent to close at 27k, N24.30, N16.70 per share, while PZ and Consolidated Hallmark Insurance plunged by 9.9 percent and 9.7 percent to close by N15.40 and 28k per share respectively.

On the flipside, Sovereign Trust Insurance, Wema Bank, Japaul Oil, Mutual Benefits Assurance and Custodian emerged the top five gainers, rising by 8.0 percent, 7.9 percent, 6.5 percent, 5.9 percent and 3.4 percent to close at 27k, 68k, 33k, 36k and N5.70 respectively.

Transcorp, Access Bank, Zenith Bank, Sovereign Trust Insurance and were investors’ toast, achieving total turnovers of 20.71 million, 19.50 million, 15.42 million, 13.30 million and 12.67 worth of shares valued at N26.56 million, N195.42 million, N368.71 million, N3.50 million and N69.38 million respectively.

In all, investors traded 203.80 million volume of shares valued at N2.39 billion in 4,178 deals, this is against 203.80 million volume of shares worth N2.39 billion exchanged on the floor on Monday in 3,402 deals.

 

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