Stock market index sustains sliding profile, down by 0.94 per cent

Transactions on the Nigerian Stock Exchange (NSE) sustained sliding profile yesterday, following losses by most blue-chip stocks, causing the All-Share Index (ASI) to depreciate further by 0.94 per cent.

Precisely, the ASI decreased by 199.93 absolute points, representing a dip of 0.94 per cent to close at 21,100.54 points.

Similarly, the overall market capitalisation size declined by N104 billion to close at N10.997 trillion

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Guinness Nigeria, Flour Mills of Nigeria, Unilever Nigeria and Nigerian Breweries. The Chief Operating Officer of InvestData Consulting Limited, Ambrose Omordion said that the Coronavirus (COVID-19) storm has wrecked many stock markets and economies much more than was seen during the global financial crisis of 2008/2009.

He noted that the 14-day lockdown is likely to influence the market negatively because the month of April is an extension of the earnings-reporting season.

He urged traders and investors increase their stake in the market to benefit from the corporate actions now that the NSE has given 60 days grace to submit 2019 full-year results.

“Market outlook for the month of April and May remains unstable and mixed, but investors should invest wisely, using dates, bids, offers, and volume when taking an investment decision.”

Market breadth closed negative, with six gainers versus 26 losers. MTN Nigeria recorded the highest price gain of 9.33 per cent, to close at N98.40, per share.

International Breweries followed with a gain 9.18 per cent to close at N5.35, while Livestock Feeds rose by 8.47 per cent to close 64 kobo, per share.

Cadbury Nigeria went up by 4.41 per cent to close at N7.10, while Aviation Handling Company (NAHCO) and Wapic Insurance rose by four per cent each, to close at N2.60 and 26 kobo, respectively, per share.

On the other hand, Unilever Nigeria led the losers’ chart by 10 per cent, to close at N9.90, per share.
Dangote Cement followed with a decline of 9.95 per cent to close at N116.80, while Guinness Nigeria shed 9.92 per cent to close at N22.70, per share.

Flour Mills went down by 9.88 to close at N19.15, while Ecobank Transnational Incorporated (ETI) shed 8.99 per cent to close at N4.05, per share.

The total volume of trades decreased by 63.38 per cent to 154.551 million units, valued at N1.767 billion and exchanged in 3,415 deals.

Transactions in the shares of Zenith Bank topped the activity chart with 38.672 million shares valued at N443.546 million.

Guaranty Trust Bank followed with 22.252 million shares worth N391.056 million, while FBN Holdings traded 14.937 million shares valued at N58.643 million.

Access Bank traded 14.109 million shares valued at N81.362 million, while Fidelity Bank transacted 10.654 million shares worth N18.862 million.

Source: The Guardian News