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Stock market bearish again, indices down by 0.04%

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Financial experts tie stock market performance to September inflation data

Negative sentiments resurfaced on the Nigerian Stock Exchange (NSE) on Wednesday with the key indicators dropping by 0.04 per cent due to profit taking in banking stocks.

Specifically, the All-Share Index lost 14.68 points or 0.04 per cent to close at 38,706.13 against 38,720.81 recorded on Tuesday.

Accordingly, the month-to-date and year-to-date losses increased to 2.8 per cent and 3.9 per cent.

Also, the market capitalisation, which opened at N20.258 trillion inched lower by N7 billion to close at N20.251 trillion.

The loss was driven by price depreciation in large and medium capitalised stocks amongst which were; Guaranty Trust Bank, Vitafoam Nigeria, NCR Nigeria, Neimeth International Pharmaceuticals and NEM Insurance.

NCR Nigeria led the losers’ chart in percentage terms with 9.71 per cent to close at N2.79 per share.

Neimeth International Pharmaceuticals followed with a decline of 9.09 per cent to close at N1.90, while Vitafoam shed 5.16 per cent to close at N7.35 per share.

AXA Mansard Insurance dipped 5.05 per cent to close at 94k, while NEM Insurance dropped 4.57 per cent to close at N2.09 per share.

Conversely, Wapic Insurance dominated the gainers’ chart with a growth of 10 per cent to close at 55k per share.

SFS Real Estate Investment Trust followed with 9.94 per cent to close at N68.60 and Oando went up 9.67 per cent to close at N3.29 per share.

Unity Bank increased by 9.09 per cent to close at 72k, while Livestock Feeds appreciated by 2.63 per cent to close at N1.95 per share.

The total volume of shares traded declined by 19.7 per cent with a turnover of 177.39 million shares valued N2.68 billion in 4,103 deals.

This was against 220.86 million shares worth N4.21 billion exchanged in 4,192 deals on Tuesday.

Transactions in the shares of Guaranty Trust Bank topped the activity chart with 34.19 million shares valued N957.79 million.

Zenith Bank came second with 28.45 million shares worth N572.06 million, while United Bank for Africa sold 17.68 million shares valued N122.11 million.

Transcorp accounted for 17.64 million shares worth N14.28 million, while Access Bank transacted 10.53 million shares valued N82.02 million.

Chinyere Joel-nwokeoma

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