Thursday , April 25 2019
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Bears continue grip as NSE Index slips by 0.18%

Trading activities on the floor of the Nigerian Stock Exchange (NSE) again closed negative yesterday as the two major indicators, the All Share Index and market Capitalisation went down by 0.18 per cent each.

The breakdown shows that the All Share Index depreciated by 66.16 basis points or 0.18 per cent to close at 36,232.66 points as against 36,298.82 points recorded on Wednesday while Market Capitalisation went down by N21.316 billion to close at N13.228 trillion from N13.249 trillion recorded in the previous trading day.

The drop was as a result of activities of investors who continued to book profit in some large-cap stocks like FBN Holdings (-4.5%), Zenith Bank (-0.6%) and Mobil Oil (-5.7%).

However, activity level strengthened as volume and value of stocks traded increased 65.2 per cent and 76.9 per cent to 188.3 million units and N1.3 billion respectively.

The most traded stocks by volume were United Bank for Africa (27.3m), Law Union and Rock (25.0m) and Zenith Bank (19.9m) while Zenith Bank (N471.4m), United Bank for Africa (N260.2m) and Guaranty Trust Bank (N158.8m) led by value.

Performance across sectors under our coverage was bearish for the second consecutive day as four of five indices closed lower.

The Insurance index was the biggest loser  when it fell 1.2 per cent following profit taking in Linkage Assurance (-10.0%) and Law Union and Rock (-10.0%).

Similarly, the oil & gas and banking indices lost 0.7 per cent and 0.1 per cent respectively on account of sustained sell pressures in Mobil Oil (-10.0%), Zenith Bank (-0.6%) and Fidelity Bank (-3.7%). The industrial goods index closed flat while the consumer goods index, the only gainer advanced 0.1 per cent, as buy interest in International Breweries (+1.6%) lifted the index.

Investor sentiment as measured by market breadth (advance/decline ratio) declined to 0.6x from 1.2x recorded on Wednesday as 12 stocks rose against 22 that declined.

The best performing stocks were Courtville (+10.0%), Sterling Bank (+9.6%) and Niger Insurance  (+8.3%) while Japaul Oil (-10.0%), Veritas Kapital (-10.0%) and Law Union and Rock (-10.0%) were the worst performing stocks.


About Lanre Oyetade

A multiple award winner in Economics and business journalism, Lanre Oyetade has served close to two decades in the media industry, spanning different notable stables, where he is privileged to have risen to the position of a title editor. A masters degree holder in Economics from the University of Lagos and doctoral student at the Babcock University, he is a winner of the prestigious NMMA Capital Market Award for two consecutive years (2004 & 2005), and was also a nominee for the body’s banking and finance and money market awards for two years. In 2013, he also won the Most Outstanding Business-Reporting Title Editor award of the National Institute of Marketing of Nigeria (NIMN). A minister in the LORDS’s vineyard, he has been an inspirational speaker and resource person at many corporate and religious fora since early 2004, and has so far authored three books on the capital market; on personal effectiveness, and on personal finance, in 2008 and 2014, respectively.