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Bears maintain dominance on NSE, market drops further by N15bn



NSE maintain bearish trend despite listing of Ellah Lakes additional shares

The bears maintained leadership on the Nigerian Stock Exchange (NSE) on Wednesday with investors losing N15 billion due to persistent profit taking on blue chips.

Specifically, the market capitalisation dipped N15 billion or 0.07 per cent to close at N21.169 trillion in contrast with N21.184 trillion recorded on Tuesday.

Also, the All-Share Index dropped 29.03 points or 0.07 per cent to close at 40,465.32 from 40,494.35 posted on Tuesday.

The month-to-date loss increased to 4.6 per cent, while the year-to-date gain moderated to 0.50 per cent.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are Beta Glass, Japaul Gold, Fidson Healthcare, Consolidated Hallmark Insurance and Vitafoam.

Market breadth was negative, with 22 stocks laggards against 18 gainers.

Beta Glass led the losers’ chart in percentage terms with 9.75 per cent to close at N50 per share.

Japaul Gold and Ventures came second with 8.86 per cent to close at 72k, while Fidson Healthcare lost 8.55 per cent to close at N5.35 per share.

Consolidated Hallmark dipped 7.89 per cent to close at 35k, while Vitafoam Nigeria shed 7.56 per cent to close at N7.95 per share.

Conversely, Julius Berger dominated the gainers’ chart in percentage terms, gaining 9.73 per cent to close at N20.30 per share.

LivingTrust Mortgage Bank, formerly Omoluabi Mortgage Bank, followed with 9.68 per cent to close at 68k, while Honeywell Flour Mill garnered 9.60 per cent to close at N1.37 per share.

Cornerstone Insurance grew by 9.26 per cent to close at 59k, while UPDC Real Estate Investment Trust appreciated by 7.41 per cent to close at N5.80, per share.

In the same vein, the total volume of shares traded declined by 31.49 per cent with 244.20 million shares worth N2.65 billion in 4,083 deals.

This was in contrast with a total of 356.43 million shares valued at N5.76 billion exchanged in 5,040 deals on Tuesday.

Transactions in the shares of FBN Holdings topped the activity chart with 52.32 million shares valued at N381.49 million.

Transcorp followed with 24.81 million shares worth N23.82 million, while Guaranty Trust Bank accounted for 16.53 million shares valued at N512.53 million.

Zenith Bank traded 13.98 million shares worth N349.28 million, while Vitafoam transacted 12.08 million shares valued at N94.52 million.

Chinyere Joel-nwokeoma

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