By Nkiruka Nnorom
Sentiments turned bearish on the Nigerian stock Exchange, NSE, today following late sell-off in value stocks, which resulted in loss of N17 billion to the investors.
The equities market had closed positive on Friday after recording a mixed trade throughout the week.
Specifically, 18 losers emerged at the end of the day’s trading compared to 21 gainers.
Breakdown of activities showed that Unity Bank Plc led the losers’ chart, dropping by five percent to close at N1.14 from N1.20. UAC Property Development Company Plc, followed depreciating by 4.88 percent to close at N2.34 from N2.46. NPF Micro-finance Bank Plc placed third with 4.74 percent decline to close at N1.181 from N1.90; Linkage Assurance Plc declined by 4.71 percent to close at N0.81 from N0.85, while First Aluminium Nigeria, FAN Plc, ranked fifth, dropping by 4.08 percent to close at N0.47 from N0.49 per share.
Consequently, the market capitalisation went down to N14.914 trillion from N14.931 trillion on Friday, representing 0.11 percent decline. Similarly, the All Share Index, ASI, declined by the same margin to settle at 41,172.82 from 41,218.72 basis points.
However, analysts at Cordros Capital reiterated bullish bias for equities in the medium to long term despite today’s loss.
They premised their assumption on still-positive macroeconomic fundamentals, arguing that it would continue to make a case for positive returns.
Conversely, 21 gainers emerged in the day led by Eterna Plc with 9.76 percent to close at N6.30 from N5.74, followed by C&I Leasing Plc with five percent increase to close at N1.89 from N1.80.
Oando ranked third, appreciating by 4.79 percent to close at N8.75 from N8.35; Aiico Insurance Plc was the next with 4.35 percent increase to close at N0.72 from N0.69, while Mutual Benefit Assurance Plc went up by 3.85 percent to close at N0.27 from N0.26 per share.