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Bearish trend persists, share value dips by N108bn

By Michael Eboh

The bearish trend recorded in the Nigerian capital market, continued Tuesday, as the value of listed equities on the Nigerian Stock Exchange (NSE) dipped by N108.02 billion.

Specifically, the value of listed equities, represented by the market capitalisation, dipped by 1.81 per cent, to close at N5.848 trillion, from N5.956 trillion at which it opened.

The All-share index also dipped by 1.81 per cent, shedding 471.25 basis points to close at 25,514.83 points from 25,986.08 points at which it opened.
The dip in the market indices was occasioned by profit-taking activities by investors, wanting to cash in on the few gains recorded last week. This accounted for a decline in the share prices of majority of the quoted companies, leaving only 35 stocks with price gains.

Nestle Nigeria Plc recorded the most share price loss, dropping by N4.02 to close at N174.06 per share, Julius Berger Nigeria Plc followed with a loss of N1.52 to close at N29.04 pe share and Benue Cement Company Plc dipped by N1.30 to close at N38.10 per share.

Other share price losers include: Eterna Oil and Gas Plc N1.20, First Bank of Nigeria Plc N1.10, Flour Mills Nigeria Plc N1.07, Union Bank Nigeria Plc N0.84, Ecobank Transnational Incorporated N0.71United Bank for Africa Plc N0.65, Ashaka Cement Plc N0.65 among others.

On the contrary, Mobil Oil Nigeria Plc recorded the most share price gain, rising by N5.17 to close at N117.00 per share, Guinness Nigeria Plc followed with a gain of N4.95 to close at N135.00 per share and GTBank Plc garnered N0.66 to close at N13.89 per share.

Other share price gainers include: UAC Nigeria Plc N0.38, Intercontinental Bank Plc N0.36, Vitafoam Plc N0.20, Zenith Bank Plc N0.19, Cutix Plc N0.19, Deap Capital Management and Trust Plc N0.11, Big Treat Plc N0.07 among others.

The declining trend continued in equity trading, as a turnover of 447.33 million shares valued at N3.5 billion was recorded in 9,116 deals, dropping by 0.49 per cent, from the previous day’s turnover of 449.55 million shares valued at N3.63 billion in 9,397 deals.

The Banking sub-sector recorded the highest transaction in the sectorial analysis, accounting for 60.8 per cent of the market turnover, with 271.98 million shares valued at N2.6 billion in 5,750 deals. Spring Bank Plc recorded the highest patronage in the sub-sector, trading 52.72 million shares valued at N294.72 million in 78 deals, Zenith Bank Plc followed with th exchange of 40.17 million shares valued at N558.76 million in 410 deals and First Bank of Nigeria Plc recorded 30.56 million shares valued at N649.76 million in 1,765 deals.

The Insurance sub-sector followed on the sectorial analysis, accounting for 10.39 per cent of the market turnover, with 46.47 million shares valued at N40.51 million in 946 deals. AIICO Insurance Plc emerged the most active in the sub-sector, trading 14.14 million shares valued at N14.43 million in 527 deals, followed by Linkage Assurance Plc with th exchange of 4.31 million shares valued at N2.16 million in 25 deals and NEM Insurance Company Plc recorded 3.65 million shares valued at N2.54 million in 46 deals.


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