Trading at the Nigerian stock market resumed for the week with a decline as the bears remained in control for the fourth consecutive session. The Nigerian Stock Exchange (NSE) All-Share Index fell 0.21 per cent to close lower at 41,845.92 as bearish sentiments persisted. Similarly, market capitalisation closed lower at N14.96 trillion.
Accordingly, the month-to-date loss stood at to 3.43%, while the year-to-date gain reduced to 9.42 per cent. The depreciation recorded in the share prices of Nigerian Breweries, Ecobank Transnational Incorproated, Flour Mills, Transcorp, and Stanbic IBTC Holdings among others were mainly responsible for the decline recorded yesterday.
Market analysts at Cordros Capital said: “In our view, it is likely investors take advantage of soft prices to hunt bargains in the equities market, leading to a positive outlook in the short term. Also, strengthening macroeconomic fundamentals remain supportive of gains in the medium to long term.â€
However, the bears were strongly in control yesterday as 36 stocks depreciated compared with 14 others that appreciated. Cadbury Nigeria Plc led the price losers with 9.6 per cent, trailed by Niger Insurance Plc with 9.5 per cent. Unity Bank Plc shed 8.8 per cent, while FTN Cocoa Processing and LASACO Assurance Plc fell by 7.1 per cent and 5.5 per cent respectively. WAPIC Insurance Plc and Linkage Assurance Plc closed 4.9 per cent and 4.8 per cent lower in that order.
Other top price losers included: Wema Bank Plc, Dangote Flour Mills Plc, Skye Bank Plc, Ecobank Transnational Incorporated (4.8 per cent apiece); Continental Reinsurance Plc (4.6 per cent); University Press Plc, Tantalizer Plc(4.5 per cent); Japaul Oil & Maritime Services Plc (4.4 per cent).
On the positive side, C & I Leasing Plc led the price gainers with 9.9 per cent, trailed by United Capital Plc with 5.6 per cent, while N.E.M Insurance Plc (4.8 per cent). Cutix Plc appreciated by 4.4 per cent, just as PZ Cussons Nigeria Plc and African Prudential Plc chalked up 2.3 per cent and 1.5 per cent respectively.
In terms of sector performance four indices closed in the red, while only one appreciated. The NSE Industrial Goods Index was the lone gainer, up 0.5 per cent. The NSE Insurance Index led the losers with 2.8 per cent, followed by the NSE Banking Index that fell 2.1 per cent. The NSE Consumer Goods Index and NSE Oil & Gas Index depreciated by fell 1.8 per cent and 0.6 per cent respectively.
