Stock market resumes bearish trend as ASI dips by 0.96%

The Nigeria Stock Exchange (NSE) on Friday closed the trading session for the week on a negative note after four consecutive bullish sessions, indicating the return of bears.

The All Share Index (ASI), benchmark index of the NSE, had appreciated by 0.37 per cent, 2.45 per cent, 1.53 per cent, and 1.58 per cent on Monday, Tuesday, Wednesday and Thursday respectively.

But, selloffs in profit taking in bellwethers like Dangote Cement which shed 1.42 per cent, Nigerian Breweries which dropped 0.85 per cent and Guaranty Trust Bank which fell by 2.02% dragged the local burse ASI down by 96 basis points to close at 38,669.23 points.

Investors lost N134 billion as market capitalisation of traded equities depreciated to N14.008 trillion, while NSE Year-To-Day return stood at 1.11 per cent.

Oando led the laggards with 8.84 per cent drop to close at N6.70 per share. Diamond Bank (-6.17%), SKYESHELT(-5%), CCNN(-5%), Eternal (-4.93%) all followed Oando on the losers’ table to close at N1.52, N95, N26.60, N6.56 per share, respectively.

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On the flip side, JAPAULOIL led the gainers with 6.90 per cent appreciation to close at 32k per share. MOBIL trailed by 5 per cent to close at N174.30, while CADBURY rose by 4.98 per cent to close at N12.65 per share.

CILEASING increased by 4.55 per cent to close at N1.61 per share, while UNITYKAP appreciated by 4.17 per cent to close at 25k.

An analysis of the activity chart shows that Dangote Sugar dominated trading activities accounting for 27.93 million shares valued at N539.19 million.

FBN Holdings followed by exchanging 23.23 million shares worth N247.73 million, while Guaranty Trust Bank traded 19.88 million shares valued at N833.88 million.

UNILEVER sold 18.42 million shares worth N1.01 billion, while FCMB transacted 14.04 million shares valued at N33.86 million.

In all, the volume of shares traded by investors at the floor of NSE closed lower with a total of 210.03 million shares valued at N3.89 billion in 4,141 deals.

This was in contrast with a turnover of 492.05 million shares worth N7.62 billion traded in 4,726 deals recorded on Thursday.
By Oluwasegun Olakoyenikan….

 

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