The dominance of the bears remains unabating on the equity sector of the Nigerian Stock Exchange (NSE), following continued price losses by virtually all the blue chip stocks, as investors’ wealth depreciated by N100 biliion in three trading days.

Specifically, the market capitalisation of listed equities, which stood at N14,643 Trillion at the reopening of trading on Monday, lost N100 billion or 0.7 per cent to close at N14,543  Trillion yesterday. Also, the All-Share Index, which measures the performance of listed equities, dropped by 274.52 points to 40,150.55 from 40.425.07 at which it opened for trading on Monday.

Yesterday, market breadth closed negative, with 15 gainers against 28 losers, a downturn occasioned by losses in medium and large capitalised stocks, among which are UAC of Nigeria, Chemical and Allied Products, Flour Mills Nigeria, Nigerian Breweries and Dangote Flour.

The Chief Research Officer of InvestData Consulting Limited, Ambrose Omodion, said: ”We advise investors to allow numbers guide their decisions, while repositioning in any stock, especially now that stock prices remain volatile amid improving company, economic and market fundamentals.“It is time to combine fundamentals and technical tools to take decision by knowing the support and resistant level to reposition or exit any position. A stock market is in cycles. You must know the cycle it, or particular stocks therein are to successfully manage your trading and investment risk.”

Analysts at Afrinvest Limited said: “The successive negative performance has created room for attractive entry prices in the market. In this light, we expect bargain hunting opportunities to buoy market performance in the near term.”Ikeja Hotel recorded the highest price gain of 9.80 per cent, to close at N2.24 per share, followed by MRS Oil Nigeria with a gain of 4.87 per cent to close at N31.20, while First Aluminium appreciated by 4.55 per cent to close at 46 kobo per share.

Niger Insurance appreciated by 4.35 per cent to close at 24 kobo, while John Holt gained 3.85 per cent to close at 54 kobo per share.On the other hand, UAC of Nigeria led the losers’ chart by 8.52 per cent, to close at N14.50 per share. Chams shed five per cent to close at 38 kobo, while C&I Leasing depreciated by 4.93 per cent to close at N1.35 per share.

Unity Bank declined by 4.90 per cent to close at 97 kobo and UAC Property also shed 4.89 per cent to close at N2.14 per share.The total volume traded depreciated by 5.18 per cent to 266.7 million shares, worth N4.67 billion, and traded in 3,721 deals.

Access Bank followed with 30.38 million shares worth N330.49 million, while Fidson Healthcare traded 27.2 million shares valued at N155.1 million.Transcorp traded 21.33 million shares valued at N30.72 million, while Zenith Bank transacted 20.1 million shares worth N560.04 million.





Author avatar

Post a comment

Your email address will not be published.