NSE: Indices record 0.16% in last trading day of September

The Nigerian equities market recorded 0.16 per cent on the last trading day of September.

Specifically, the All Share Index (ASI) dipped 44.48 points or 0.16 per cent to close at 27,630.56 against 27,675.04 posted on Friday.

Similarly, the market capitalisation shed N22 billion or 0.16 per cent to close at N13.450 trillion in contrast with N13.472 trillion on Friday.

The downturn was caused by losses recorded by medium and large capitalised stocks, amongst which are; MTN, Unilever, Seplat, Ecobank Transnational Incorporated and NASCON.

Analysts at Afrinvest Limited maintained their bearish stance for the market, saying although the current low prices of stocks present opportunities for bargain hunting.

Analysts at Imperial Asset Management said, “This week, we expect equity market activity to be driven by speculative interest as investors prepare ahead of third quarter, 2019 earnings season.

“We equally expect bargain hunting on stocks that have witnessed significant price.

“This week, we expect equity market activity to be driven by speculative interest as investors prepare ahead of Q3-19 earnings season.

“We equally expect bargain hunting on stocks that have witnessed significant price depreciation in recent past weeks.”

Meanwhile, the exchange recorded 18 gainers and 18 losers, with John Holts leading the losers’ chart in percentage terms, dropping by 9.84 per cent, to close at 55k per share.

It was followed by ETI with a loss of 9.55 per cent to close at N8.05, while UACN Property dropped 9.48 to close at N1.05 per share.

Neimeth International Pharmaceuticals lost 9.09 per cent to close at 40k, while Livestock Feeds shed 8.51 per cent to close at 43k per share.

Conversely, Chemical and Allied Products recorded the highest price gain of 9.89 per cent, to close at N25.55 per share.

Continental Reinsurance came second with 9.52 per cent to close at N2.07, while NPF Microfinance Bank appreciated by 9.09 per cent to close at N1.20 per share.

Total Nigeria grew by 7.92 per cent to close at N129.50, while Lasaco Assurance appreciated by 7.14 per cent to close at 30k per share.

In spite of the drop in market indices, the total volume traded closed higher with 194.8 million sharesworth N3.06 billion traded in 2,910 deals.

This was in contrast with 187.29 million shares valued at N2.13 billion transacted in 2,942 deals on Friday.

Transactions in the shares of Guaranty Trust Bank topped the activity chart with 58.49 million shares worth N1.63 billion.

Access Bank sold 50.42 million shares worth N385.97 million, while FBN Holdings accounted for 21.21 million shares valued at N115.19 million.

FCMB Group traded 16.78 million shares worth N27.83 million, while Transcorp transacted 7.19 million shares worth N7.34 million.