NSE: Bears return as ASI dips by 103.32 basis points

By Amaka Ifeakandu

Investment in the nation’s stock market yesterday took downward trend  as All Share index (ASI) dropped by 103.32 basis point.
Specifically, the Nigerian Stock Exchange  ASI depreciated by 103.33 basis point or 0.24 per cent to 41397.68 point from 41501.00 points recorded the previous day.
Similarly, the market capitalisation of listed equities fell by N34 billion to N13.669 trillion from N13.703 trillion traded on Monday.

A review of the transactions during the day showed that investors bought 334.422 million shares worth N5.628 billion in 6091 deals against 418.490 shares valued at N11.542 billion traded by investors the previous day in 6063 deals.
An analysis of the trading result showed that Forte Oil Plc led gainers table, appreciating by N21.22 kobo to close at N257.01 kobo, Seplat Petroleum Development followed with a gain of N5.95 kobo to close at N676.95 kobo while Total Nigeria Plc , 7UP and  Ashaka Cement advanced by N4.99 kobo, N4.20 kobo and N2.40 kobo respectively to close at N173.00, N90.00 and N25.99 kobo.

Coversely, Nestle Nigeria Plc topped losers chart shedding by N6.99 kobo to close at N1083.00, Mobil Oil Nigeria Plc trailed with a drop of N4.98 kobo to close at N125.00 while MRS Oil shed N4.76 kobo to close at N44.16 kobo. Other stocks that recorded price depreciation were UAC of Nigeria Plc and Dangote Cement which went down by N3.17 kobo and N1.50 kobo respectively to close at N61.83 kobo and N228.00.

Further analysis of the transactions for the day indicated  that financial service industry led the trading activities in volume terms, with account of 246.787 million shares worth N2.500 billion in 3019 deals. Banking subsector was the most active in the sector as it recorded 126.499 million shares cost N1.859 billion in 1764 deals. Conglomerates industry  enhanced by Transnational Corporation of Nigeria (Transcorp) followed in activity chart accounting for 40.456 million shares worth N587.193 million in 379 deals.

Africa Prudential Registrar of the Other Financial Institutions boosted activity in the sub sector with account of 31.233 million valued at N98.784 million in 66 deals while FBN Holdings sold 28.039 million shares worth N430.417 million in 707 deals.  However, Zenith International Bank Plc was investors delight in banking sub sector with exchange of 23.512 million shares cost N587.424 million in 297 deals and Access Bank Plc traded a total of 22.133 million shares valued at N218.026 million in 179 deals.