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Bears sustain grip as all-share index drops

By on August 13, 2014

The Nigerian equities market resumed on a poor note yesterday as the bears sustained its hold on the market sending stock prices southward.

At the close of trading yesterday, the Nigerian Stock Exchange (NSE) All-Share Index or ASI depreciated by 1.38 per cent to close at 42,012.73 points, compared with the marginal depreciation of 0.03 per cent recorded last Friday.

Year-to-date (YTD), the Index has appreciated by 1.65 per cent. The depreciation in the Index could be attributed to the losses recorded in the share prices of some highly capitalised stocks such as Guaranty Trust Bank Plc, Guinness Nigeria Plc, Dangote Cement Plc, Nigerian Breweries Plc, and Stanbic IBTC, amongst others.

Similarly, the market capitalisation of listed equities depreciated by 1.38 per cent to close at N13.87 trillion, compared with the marginal depreciation of 0.03 per cent recorded last Friday to close at N14.07 trillion.

The total value of the stocks traded on the floors of the NSE was N3.80 billion, up by 2.11 per cent from N3.73 billion traded last Friday. The total volume traded was 286.18 million in 9,394 deals.

Meanwhile, the banking subsector of the financial services sector remained the most active in terms of the number of shares traded. It led the equities sector with a total of 53.80 million ordinary shares valued at N570.1 million executed in 1,217 deals.

The volume of shares traded in the banking sector was largely driven by the activity in the shares of United Bank for Africa Plc, Diamond Bank Plc, Guaranty Trust Bank Plc, and Zenith Bank Plc. Trading on the shares of the four banks accounted for 37.68 million ordinary shares or 70.03 per cent of the sub-sectors’ turnover.

The price movement chart of the NSE displayed a total of 29 stocks that appreciated in value (last Friday 30 stocks appreciated), 32 stocks depreciated in value (25 stocks lost value last Friday) while 55 stocks remain unchanged making a total of 116.

Premier Breweries led on the gainers chart with 10 per cent or 8 kobo gain to close at 88 kobo per share while Fidson Healthcare trailed with 5 per cent or 15 kobo gain to close at N3.15 per share.

 

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