NSE sustains negative trend as Market Cap drops further

Activities on the Nigerian Stock Exchange (NSE) sustained negative trend on Thursday with the market indicators dropping further by 0.26 per cent.

Specifically, the All Share Index, which opened at 29,375.25, lost 75.16 points or 0.26 per cent to close at 29,300.09. Also, the market capitalisation of listed equities shed N33 billion or 0.26 per cent to close at N12.914 trillion against N12.947 trillion reported on Wednesday.

Analysts at Afrinvest Limited said they expected the bearish streak to be sustained in the absence of catalysts to stimulate investors’ sentiment.

Also, analyst at Imperial Asset Managers Limited also expected the market to continue within the existing range today amid bargain hunting on low priced stocks.

An analysis of the price movement chart shows that NASCON led the gainers’ table, appreciating by 70k to close at N15 per share.

Cement Company of Northern Nigeria Plc followed with a gain of 50k to close at N15, while Dangote Sugar Refinery gained 45k to close at N11.45 per share.

Custodian and Investment also garnered close a N6.25, while Ecobank Transnational Incorporated increased by 40k to close at N10.40 per share.

Conversely, Presco led the losers’ chart declining by N5.20 to close at N46.80 per share. Guaranty Trust Bank Plc trailed with a loss of 50k to close at N29.50, while Guinness shed 30k to close at N47.50 per share.

Dangote Flour was down by 25k to close at N17.25, while Oando dipped 10k to close at N3.85 per share.

In all, investors traded 180.47 million shares worth N2.08 billion traded in 3,962 deals.

This was against a turnover of 237.71 million shares valued at N1.98 billion transacted in 4113 deals on Wednesday.

Lafarge Wapco was the most active, accounting for 40.96 million shares worth N552.74 million.

Access Bank accounted for 23.26 million shares worth N153.54 million, while United Bank for Africa sold 20.19 million shares valued at N122.60 million.

Zenith Bank exchanged 12.003 million shares worth N230.17 million, while Transcorp traded 11.52 million shares valued at N12.434 million.