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Following price losses incurred by most blue-chip stocks, transactions on the equity sector of the Nigerian Stock Exchange (NSE) closed on a downturn yesterday, causing the All-share index to plunge by 0.14 percent.
Specifically, at close of transactions yesterday, the All Share Index (ASI) was down by 43.98 absolute points, representing a decrease of 0.14 per cent to close at 32,108.92 points.
Similarly, the market capitalisation decreased by N16 billion, closing at N11.722 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Eterna, Flour Mills Nigeria, Zenith Bank, NPF Microfinance Bank and Dangote Flour.
Analysts at APT Securities and Funds Limited said that “the Nigerian equities market stirred negatively against expectation. We still retain our optimism on softened downward trend of the ASI. However, we advise investors to accumulate in tranches fundamentally justifiable symbols and stocks with good dividend history.”
Market breadth closed positive, recorded 16 gainers against 15 losers. Unity Bank recorded the highest price gain of 8.97 per cent, to close at 85 kobo per share. Honeywell Flour followed with a gain of six per cent to close at N1.06, while Law Union and Rock Insurance rose 5.77 per cent to close at 55 kobo, per share.
Regency Alliance Insurance appreciated by five per cent to close at 21 kobo, while NEM Insurance up by 3.89 per cent to close at N2.67, per share. On the other hand, Diamond Bank led the losers’ chart by 9.52 per cent, to close at 95 kobo, per share. Eterna followed with a decline of 9.17 per cent to close at N4.95, while Jaiz Bank lost 9.09 per cent to close at 40 kobo, per share.
Linkage Assurance shed 8.82 per cent to close at 62 kobo, while NPF Microfinance Bank depreciated by 8.11 per cent, to close at N1.36, per share.
Total volume of trades decreased by 42.65 per cent to 229.26 million units, valued at N2.5 billion and exchanged in 2,726 deals.
Transactions in the shares of FBN Holdings topped the activity chart with 72.07 million shares valued at N541.22 million. Diamond Bank followed with 29.6 million shares worth N28.12 million, while Access Bank traded 22.39 million shares valued at N176.84 million.
