By Providence Obuh
The Nigerian stock market witnessed the 5th day running of uninterrupted decline as the market indicators for measuring the performance indices , the market capitalisation and the All Share index (ASI) dipped Tuesday, by 1.13 per cent each.
Market analyst’s have said that enthusiasm have vanished from the market, noting that for the five days running, ASI shed 4.03 per cent, while the capitalisation shed N239.18 billion, however they argued that this has nothing to do with the unimpressive bargains and unclear issues with banks and capital market operators.
Specifically, the capitalistion which closed at N5.70 trillion dipped by N65.13 billion from N5.76 trillion at which it opened, while the index dropped by 265.8 bases point to close at 23,265.75 points from 23,531.55 points.
The declining trend was as a result of investors unwillingness to bid thereby causing share price losers position to be more than the gainers. Mobil Oil Nigeria Plc led 47 other stocks on the losers table with a loss of N8.65 to close at N164.35 per share, Flour Mills Nigeria Plc followed with a loss of N2.91 to close at N59.80 per share and Oando Plc dipped by N2.81 to close at N53.39 per share.
Other share price losers include: African Petroleum Plc N1.63, PZ Cussons Nigerian Plc N1.62, Julius Berger Nigeria Plc N1.50, Nigerian Breweries Plc N0.96, Dangote Flour Mill Plc N0.85, Nigeria-German Chemicals Plc N0.71, Cement Company of Northern Nigeria Plc N0.65, among others.
On the other hand, Ashaka Cement Plc led on the gainers table with a gain of N1.07 to close at N25.40 per share, Stanbic IBTC Bank Plc followed with a gain of N0.24 to close at N8.25 per share and Zenith Bank Plc garnered N0.18 to close at N11.60 per share. Other share price gainers include:
Lafarge Cement WAPCO Plc N0.15, Red Star Express Plc N0.11, Sterling Bank Plc N0.09, Evans Medical Plc N0.06, Ikeja Hotel Plc N0.05, Ecobank Nigeria Plc N0.05, First Aluminium Plc N0.05, among others.
Despite the losses on share price, trading appreciated by 51.97 per cent as a turnover of 308.98 million shares valued at N4.59 billion was recorded in 6,841deals, in contrast to the previous day’s turnover of 203.31 million shares valued at N2.86 million in 5,004deals.
The Banking sub-sector recorded the highest activity on the sectorial analysis accounting for 57.86 per cent of the market turnover with 178.78 million shares valued at N1.35 billion in 3,891 deals. Guaranty Trust Bank Plc was the most sought after in the sub-sector trading 29.05 million shares valued at N429.41 million in 579 deals, Access Bank Plc followed with the exchange of 24.31 million shares valued at N172.80 million in 296 deals and Zenith Bank Plc recorded 21.50 million shares valued at N250.26 million in 604 deals.
The Insurance sub-sector trailed on the sectorial analysis accounting for 6.17 per cent of the market turnover with 19.05 million shares valued at N23.42 million in 199 deals.
Intercontinental Wapic Insurance Plc recorded the most patronage in the sub-sector trading 4.12 million shares valued at N2.06 million in 21 deals, Custodian and Allied Insurance Plc followed with the exchange of 3.07 million shares valued at N10.25 million in 27 deals and Guaranty Trust Assrance Plc recorded 2.61 million shares valued at N4.81 million in 29 deals.