NSE: Market extends losing streak, down by 0.58%

The Nigerian Stock Exchange (NSE) on Wednesday extended losing streak with the crucial market indicators dropping further by 0.57 per cent.

It was reported that the All-Share Index (ASI) dipped 151.69 points or 0.58 per cent to close at 26,223.66 against 26,375.35 posted on Tuesday.

Also, the market capitalisation shed N73 billion to close at N12.766 trillion compared with N12.839 trillion achieved on Tuesday.

The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Presco, Dangote Cement, Stanbic IBTC Holdings, International Breweries and MTN Nigeria.

Commenting on the market performance, Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the lull to end of year activities.

“We expect the mixed performance to continue on renewed positive sentiment and momentum, as the market continues to interpret the recently released company scorecards,” Omordion said.

He urged investors to increase their stake in equities with strong fundamentals to minimise risk.

Market breadth closed negative, with 10 gainers and 12 losers.

Cornerstone Insurance recorded the highest price in percentage terms, with a gain of 8.89 per cent to close at 49k per share.

Law Union and Rock Insurance followed with 8.70 per cent to close at 50k, while Lasaco Assurance appreciated by 3.85 per cent to close at 27k per share.

Transcorp rose by 3.03 per cent to close at N1.02, while FCMB Group appreciated by 1.75 per cent to close at N1.74 per share.

Conversely, Presco led the losers’ chart with a loss of 9.90 per cent to close at N34.60 per share.

International Breweries followed with 9.69 per cent to close at N10.25, while McNichols depreciated by 8.70 per cent to close at 42k per share.

Fidelity Bank dropped 6.88 per cent to close at N1.76, while Wapic Insurance lost 5.88 per cent to close at 32k per share.

Also, the total volume traded closed lower with an exchange of 232.22 million shares valued at N3.12 billion achieved in 3,171 deals.

This was in contrast with 304.28 million shares worth N3.993 billion transacted in 3,091 deals on Tuesday.

Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 59.06 million shares valued at N371.47 million.

Access Bank followed with 45.62 million shares worth N378.12 million, while Zenith Bank traded 26.46 million shares valued at N459.36 million.

Guaranty Trust Bank sold 19.7 million shares worth N514.97 million, while Transcorp accounted for 13.04 million shares worth N13.03 million.