Equities on NSE remain bearish as ASI shed 0.40 pct

Traders work at the Nigerian Stock Exchange in Lagos

Transactions in the equities market on the Nigerian Stock Exchange, NSE on Tuesday remained bearish, as the All Share Index, ASI shed 0.40 percent to close at 36,333.80 points, amidst sell pressure in value stocks.

The dip in NSE Index was aided by losses in five premium stocks (UBA, Zenith Bank, Access Bank, Lafarge and Seplat Petroleum) and 17 others companies.

Market breadth closed positive, recording 22 gainers against 21 losers with Seplat topping the laggards’ table with a loss of ₦60.00 per share to close at ₦650 per share. CAP trailed behind with a loss of N3.15 to close at ₦28.35, while Guaranty Trust Bank dropped by 85kobo to close at ₦39.15 per share.

Lafarge Africa depreciated by 60kobo to close at ₦29.90, while Forte Oil was down by 55 kobo to close at ₦23.00 per share.

Conversely, Nigerian Breweries, NB led the gainers’ table, appreciating by ₦2.10 per share to close at N103 per share.

Flour Mills followed with a gain of 90kobo to close at ₦25.25 per share, while Air Service improved by 45kobo to close at ₦4.95 per share.

Cadbury also grew by 45kobo to close at ₦9.95 per share, while United Capital added 28 kobo to close at ₦3.08 per share.

Meanwhile, the Month-to-Date , MtD and Year-to-Date , YtD losses in the market increased further to -1.85 percent and -4.99 percent , respectively.

The Oil & Gas (-2.39 percent) index was top loser, following profit taking in Seplat (-8.45 percent) shares. Selloffs in the shares of Zenith Bank (-0.84 percent), WAPCO (-1.97 percent), and Mutual Benefits Assurance (-8.82 percent) led to losses in the Banking (-1.08 percent), Industrial Goods (-0.93 percent), and Insurance (-0.78 percent) Indices.

Meanwhile, the Consumer Goods (+0.63 percent) Index turned positive, owing to interest in Nigerian Breweries, NB (+2.08 percent) shares.

Market breadth turned positive, with 22 gainers and 21 losers, led by Air Service (+10.00 percent) and CAP (-10.00 percent) shares, respectively.

Total volume of trades rose by 36.07 percent to 248.05 million units, valued at N2.25 billion, and exchanged in 3,932 deals.

Analysts at Cordros Capital, a Lagos based investment firm said: “Our outlook for equities in the short to medium term remain conservative, amidst brewing political concerns, and the absence of a one-off positive trigger.

However, stable macroeconomic fundamentals remain supportive of recovery in the long term.”

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