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Equity market sustains bearish trend as NSE Index down by 0.2%

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NSE, Nigerian Stock Exchange, Market capitalisation
Nigerian Stock Exchange

By Peter Egwuatu

The equity market on the Nigerian Stock Exchange, NSE, today (Thursday) sustained the bearish trend this week. Consequently, the NSE All Share Index, ASI dropped by 0.2 percent to close at 26,938.5 points, while the Year to Date, YtD declined further to -14.3 percent.

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The Market capitalisation, another stock market gauge declined by 0.2 percent to close at N13.002trillion.

The equity market was negatively impacted by declines in the Insurance, Banking and Oil & Gas sectors, which eroded gains recorded in the Consumer Goods and Industrial sectors.

Market activity however saw a significant improvement with total volume and value traded increasing 83.14 percent  and 164.25 percent  from 112.88million  units and N1.08billion  traded yesterday (Wednesday)  to 206.73million units and N2.85billion respectively.

Meanwhile, leading the cream of gainers was Cham Plc, recording an increase of 9.09 percent or three kobo to close at N0.36 followed by Union Dicon which gained 8.3 percent or two kobo to close at N0.26 per share.  Dangote Sugar grew by 8.03 percent or N1.10 to close at N14.80 per share, followed by UACN which surged by 6.62 percent or 50kobo to close at N8.5 per share while Cutix went up by 4.05 percent or six kobo to close at N1.54 per share.

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On the other hand, Cornerstone Insurance led 18 other losers dropping by ten percent to close at N0.63 followed by Med View which nosedived by 10 percent or 18 kobo to close at N1.62. Arbico declined by 9.81 percent or 47 kobo to close at N4.32.  Fidson occupied the fourth position on the losers chart as it dipped by 9.3 percent or 35 kobo to close at N3.40 while Deap Capital declined by 9.09 percent or four kobo to close N0.40 per share.

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