After days of upward trend, the bears upstaged the bulls yesterday, on the trading floor of the Nigerian Stock Exchange (NSE), following price losses suffered by some bellwethers, causing the All-share index to slide marginally by 0.1 per cent.
Specifically, at the close of transactions, the All-share index fell by 48.39 points from 32,462.31 recorded on Tuesday to 32, 413.92. Also, market capitalisation depreciated by N18 billion from N12.105 trillion to N12.087 trillion.
Analysts attributed the drop in indices to profit taking by investors taking on the Exchange, saying the trend would be sustained to enable investors leverage the moderate appreciation recorded in the last few days to recoup their investment.
Specifically, analyst from Afrinvest said: “We expect to see sustained profit taking in previous advancers in the last two sessions before the elections.”
Similarly, Codros Capital said: “Our outlook for equities in the near-to-medium term remains conservative, and we guide investors to trade cautiously, amidst absence of a near term catalyst and political jitters ahead of the upcoming 2019 elections.
“However, macroeconomic fundamentals remain stable, evident in the release of the Q4-18 GDP figure (2.38% y/y), and remain supportive of recovery in the long term.”
On the price movement chart, 19 stocks appreciated in price, led by Unilever Plc with N4.00 kobo to close at N44.00 per share, while Okomuoil followed with N2.80 kobo to close at N85.00 per share.
Nigerian Breweries, and Cement Company of Northern Nigeria gained 95 kobo each to close at N81.00, and N21.95 per share respectively. Berger paints added N0.75 kobo to close at N8.25 kobo per share.
However, 22 stocks depreciated in price, where Seplat emerged the day’s highest price loser with N20.00 kobo to close at N580 per share while FO followed with N1.70 kobo to close at N28.00 per share. PZ Cussons shed N1.25 kobo to close at N12.00 per share.
Guaranty Trust Bank dropped N1.00 kobo to close at N37.95 per share. C and I Leasing lost 81 kobo to close at N7.33 per share.
On the activity chart, Diamond Bank dominated in volume terms with 131 million shares worth N314 million, while Zenith Bank followed with N44 million units worth N1.1 billion.
United Bank for Africa sold N40 million shares valued at N319 million. TransNational Incorporated accounted for N30 million units worth N47 million. First City Monument Bank exchanged 25million shares valued at N60 million.
In all, investors exchanged 470 million shares worth N4.2 billion in 5,858 deals, lower than the 580.41 million units, valued at N8.03 billion that was exchanged in 7,052 deals on Tuesday.
