Bears reign at Lagos bourse, stocks lose N198b

Nigerian Stock Exchange

Floor of The Nigerian Stock Exchange

Floor of The Nigerian Stock Exchange
The bears are still dominant at the Nigerian Stock Exchange (NSE) as market capitalisation bowed to profit taking ahead of Christmas, dropping by N198 billion.

Market capitalisation which opened at N12.804 trillion shed N198 billion to close at N12.606 trillion.

Also, the All Share Index (ASI) decreased by 410.55 points, representing 1.55 per cent to close at 26,115.80 compared with 26,526.35 achieved on Friday.

The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which are: MTN Nigeria, Ecobank Transnational Incorporated (ETI), Cement Company Northern Nigeria (CCNN), Transcorp Hotels and FBN Holdings.

Analysts at Afrinvest Limited expected bearish performance to persist in the near term as investors maintain a risk-off attitude towards the equities market.

“This is a good time to cherry-pick fundamentally sound stocks,” one of the analysts said.

However, market breadth closed positive, with 17 gainers compared with 14 losers.

Cornerstone Insurance led the losers’ chart in percentage terms, depreciating by 9.52 per cent to close at 38k per share.

Transcorp Hotels followed with a decline of 9.26 per cent to close at N4.90, while ETI lost 9.09 per cent to close at N6 per share.

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FBN Holdings dipped 7.69 per cent to close at N6, while MTN Nigeria shed 6.67 per cent each to close at N105 per share.

Conversely, AG Leventis & Company and Japaul Oil & Maritime Services recorded the highest price gain of 10 per cent, each to close at 55k and 22k per share, respectively.

Nigerian Aviation Handling Company followed with a gain 8.96 per cent to close at N2.31, while Linkage Assurance appreciated by 8.16 per cent to close at 53k per share.

Jaiz Bank grew by 6.06 per cent to close at 70k, while Real Estate Investment Trust and Oando appreciated by 5.88 per cent each to close at N3.40 per share.

Also, the volume of shares traded closed lower with an exchange of 188.79 million shares worth N2.43 billion, and traded in 2,605 deals.

This was in contrast with a turnover of 341.62 million shares valued at N2.34 billion in 2,949 deals on Friday.

Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 32.17 million shares valued at N215.80 million.

Guaranty Trust Bank followed with 26.33 million shares worth N777.96 million, while Access Bank traded 24.99 million shares valued at N238.8 million.

NASCON Allied Industries traded 15.38 million shares valued at N192.28 million, while FBN Holdings transacted 12.98 million shares worth N78.81 million.

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