The bears dominated the Nigerian equities market for the fifth consecutive session as 31 stocks declined yesterday. In summary, the All Share Index (ASI) shed 146.27 absolute points, representing a decline of 0.35 per cent to close at 41,686.36 points.
Similarly, the market capitalisation shed N50 billion to close at N14.913 trillion. The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Total, Unilever Nigeria, Nascon and Allied Industries, FBN Holding and Eterna.
Analysts at Cordros Capital stated that “in our view, it is likely investors take advantage of soft prices to hunt bargains in the equities market, leading to a positive outlook in the short term. Also, strengthening macro-economic fundamentals remain supportive of gains in the medium to long term.”
Market breadth was negative, with 16 gainers versus 31 losers. Unity Bank recorded the highest price gain of 6.50 per cent, to close at N1.31, while Unilever Nigeria and Total Nigeria followed with a gain of five per cent each to close at N55.65 and N243.70 per share, respectively.
Eternal went up by 4.91 per cent to close at N5.98, while UPL appreciated by 4.81 per cent to close at N2.18 per share.
On the other hand, Cadbury Nigeria led the losers’ chart by 9.39 per cent, to close at N14 per share. Japaul Oil shed 9.38 per cent to close at 58 kobo, while Multi-Trex Integrated Foods depreciated by 9.09 per cent each to close at 40 kobo per share. Seplat and Wapco also declined by five percent each to close at N722 and N50.32 per share, respectively.
Also, the total volume traded depreciated by 24.85 per cent to 409.21 million shares, worth N3.92 billion, and traded in 4,996 deals. Transactions in the shares of Fidson topped the activity chart with 85.13 million shares valued at N424.8 million. African Alliance Insurance followed with 40.1 million shares worth N10.03 million, while FBN Holdings traded 34.89 million shares valued at N420.18 million.
Zenith Bank traded 24.14 million shares valued at N682.28 million, while Multi-Trex Integrated Foods transacted 20.02 million shares worth N8.21 million.