Business

Bears regain dominance as index plunges by 0.17%

bears regain dominance as index plunges by 0 17

Following losses suffered by most blue-chip stocks, the bears upstaged the bulls on the Nigerian Exchange Limited (NGX), causing the All-Share Index (ASI) to depreciate further by 0.17 per cent.  
   
ASI decreased by 64.26 absolute points, representing a decline of 0.17 per cent to close at 38,571.89 points while market capitalisation declined N34 billion to close at N20.186 trillion.

 
The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Unilever Nigeria, Lafarge Africa, Northern Nigeria Flour Mills (NNFM), PZ Cussons Nigeria, and Union Bank of Nigeria.
 
Analysts at Vetiva Dealing and Brokerage said: “We foresee a tepid close to trading activity this week, as investors remain on the sidelines awaiting catalysts to drive further market activity.
 
“With Q1 financials yet to be released, we anticipate weak turnover levels as we have seen throughout this week.”      
On the price movement chart, 27 stocks recorded price depreciation while 16 constituted the losers’ chart. 
 
Guinness Nigeria recorded the highest price gain of 10 per cent to close at N29.15 kobo while Morison Industries and FTN Cocoa Processors followed with a gain 9.30 per cent each to close at 94 kobo and 47 kobo.
 
Honeywell Flour Mill rose by 9.17 per cent to close at N1.19 kobo while Livestock Feeds appreciated by 6.74 per cent to close at N1.90 kobo.

On the other hand, UACN Property Development Company led the losers’ chart by 10 per cent, to close at 72 kobo. 
 
PZ Cussons Nigeria followed with a decline of 9.78 per cent to close at N4.15 kobo. Studio Press Nigeria declined by 9.50 per cent to close at N1.62 kobo.

 
NNFM shed 9.26 per cent to close at N4.90 kobo while Chams depreciated by 9.09 per cent to close at 20 kobo.
 
Total volume traded increased by 14.9 per cent to 319.43 million units, valued at N1.78 billion, and exchanged in 4,158 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 46.707 million shares valued at N113.509 million. Access Bank followed with 36.887 million shares worth N297.709 million, while Mutual Benefits Assurance traded 27.692 million shares valued at N10.168 million.
 
FBN Holdings (FBNH) traded 26.096 million shares valued at N197.699 million, while AXA Mansard Insurance transacted 18.698 million shares worth N16.634 million.



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