All-Share Index Falls to New Low of 36,963.70 as Market Remains Bearish

The Nigerian Stock Exchange (NSE) All-Share Index (ASI) yesterday hit a new low, falling below the 37,000 threshold to close at 36,963.70, as stocks maintained downward trend.

The bear run pulled the NSE ASI by 0.81 per cent while market capitalisation dipped by N109.8 billion to close at N13.4 trillion, following price losses by 33 stocks. As a result of the continued bear run the year-to-date (YtD) decline is now 3.33 per cent.

Although heavy weights such as Zenith Bank Plc, GTBank Plc, Lafarge Africa Plc, United Bank Africa Plc were among the price losers, Capital Oil Plc led the advancers’ and Julius Berger Nigeria Plc with 10 per cent apiece.

Glaxosmithkline Consumer Nigeria Plc and PZ Cussons Nigeria Plc shed 9.9 per cent each and Consolidated Hallmark Insurance Plc went down by 9.6 per cent.

Other top price losers included:MCNichols Plc (9.5 per cent); Oando Plc (9.4 per cent); Tantalizer Plc, Lafarge Africa Plc (8.0 per cent each); Stanbic IBTC Holdings Plc , Okomu Oil Palm Plc (7.6 per cent apiece); International Breweries Plc (7.4 per cent) and Fidelity Bank Plc (5.1 per cent).

On the positive side, Sovereign Trust Insurance Plc led the price gainers with 8.0 per cent, trailed by Wema Bank Plc with 7.9 per cent. Japaul Oil and Maritime Services Plc and Mutual Benefits Assurance Plc chalked up 5.8 per cent.

Other top price gainers were: Continental Reinsurance Plc, Custodian Investment Plc (3.4 per cent each); Dangote Sugar Refinery Plc(2.5 per cent) and Eterna Plc (1.5 per cent).

Market analysts said the continued sell-offs call for cautious trading among investors, amidst absence of a near-term one-off positive catalyst in the short to medium term.

Meanwhile, activity level was mixed as volume traded fell 32.9 per cent to 203.6 million shares while value traded rose 17.1 per cent to N2.4 billion. The top traded stocks by volume were: Transcorp Plc (20.7 million shares), Access Bank (19.5 million shares) and Zenith Bank Plc (15.4 million shares) while the top traded stocks by value were: GTBank (N434.4 million), Zenith Bank (N368.7 million) and Nigerian Breweries Plc (N336.9 million).

Four of the sectors tracked closed in red led by the NSE Industrial Goods Index that shed 2.4 per cent, followed by NSE Oil & Gas Index that fell by 1.3 per cent. The NSE Consumer Goods Index and NSE Banking Index depreciated by 1.2 per cent and 0.9 per cent in that order.