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Bears sustain grip as index drops By 0.25%

By on August 28, 2014

The Nigerian equities market remained in a poor state yesterday as the bears sustained their grip on the market, sending the market further southward.

A the close of business yesterday, the Nigerian Stock Exchange (NSE) All Share Index or ASI depreciated by a 0.25 per cent or 104.23 points to close at 41,235.25 points from 41,339.48 points attained on Monday.

In the same vein, the market capitalisation of listed equities decreased to N13.61 trillion from N13.65 trillion recorded the previous trading day.

However, trading activities on the exchange increased by 14 per cent as investors bought a total of 178.41 million shares valued at N2.03 billion, made in 4,524 deals, compared to 156.69 million shares worth N1.49 billon, executed in 3,956 deals on Monday.
Access Bank Plc, Transcorp Plc and First Bank Plc were the most actively traded stocks on the exchange yesterday in terms of volume, while Access Bank Plc and Guaranty Trust Bank Plc, topped in terms of value.

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 86.45 million ordinary shares valued at N931.73 million executed in 1,396 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, Access Bank Plc, Guaranty Trust Bank Plc, and Skye Bank Plc.

Trading on the shares of the four banks accounted for 75.5 million ordinary shares or 87.3 per cent of the subsectors’ turnover.

The price movement chart of the NSE displayed a total of 19 stocks that gained on the bourse yesterday while 33 stocks declined leaving 60 stocks unchanged. Livestock Feeds Plc emerged the toast of investors as it appreciated by 4.13 per cent to close at N3.28, followed by Wapic Plc, with a 3.90 per cent gain to close at 80 kobo a share. Others on the gainers chart include; WAPCO Plc, Nigerian Breweries Plc and Access Bank Plc.
On the flip side, Cadbury Plc topped the losers chart with a 9.73 per cent decline to close at N60.21, followed by Okomu Oil which declined by 4.99 per cent to close at N34.65 kobo.

 

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