STOCK MARKET INDEX SUSTAINS SLIDING PROFILE BY 0.2%

Following price losses suffered by most blue-chip stocks, trading on the Nigeria equities market extended its bearish run yesterday, causing the All-share index to decline further by 0.2 per cent.Yesterday, the All Share Index (ASI) shed 59.68 absolute points, representing a dip of 0.2 per cent to close at 29,609.00 points. Similarly, the market capitalisation shed N26 billion to close at N13.048 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Beta Glass, Cement Company of Northern Nigeria (CCNN), Cadbury Nigeria and MTN Nigeria.Analysts at Cordros Capital Limited said: “Our outlook for equities in the short to medium term remains conservative, amidst absence of a positive catalyst.”

Also, APT Securities and Funds Limited said: “We retain our cautious trading advice in the short run. However, accumulation of fundamentally justified and dividend paying stocks for mid to long term is recommended.”

Market breadth closed negative, with 17 gainers versus 19 losers. Courteville Business Solutions recorded the highest price gain of 9.52 per cent, to close at 23 kobo, per share. Consolidated Hallmark Insurance followed with a gain 9.09 per cent to close at 24 kobo, while Linkage Assurance appreciated by 7.58 per cent to close at 71 kobo, per share.

Nigerian Breweries went up by 6.90 per cent to close at N62, while Berger Paints appreciated by 6.72 per cent to close at N7.15, per share. On the other hand, Chams led the losers’ chart by 10 per cent, to close at 27 kobo, per share. Beta Glass followed with a decline of 9.97 per cent to close at N66.35, while CCNN went down by 9.77 to close at N12, per share.
Prestige Assurance declined by 7.41 per cent to close at 50 kobo, while Unity Bank shed 7.25 per cent to close at 64 kobo, per share.

However, the total volume traded up by 55.52 per cent to 394.063 million shares, worth N3.27 billion, and traded in 3,3777 deals.
Transactions in the shares of Wema Bank topped the activity chart with 194.67 million shares valued at N128.48 million. Guaranty Trust Bank followed with 20.39 million shares worth N625.62 million, while Unilever Nigeria traded 20.1 million shares valued at N643.07 million.

FBN Holdings traded 17.36 million shares valued at N118.86 million, while Flour Mills Nigeria transacted 14.63 million shares worth N204.59 million.

SOURCE: GUARDIAN