NSE All-Share Index Declines Further on Continuing Bearish Trading


Goddy Egene

Losses suffered by Dangote Cement Pc, Zenith Bank Plc and International Breweries led to a decline of 0.39 per cent in the Nigerian Stock Exchange (NSE) All-Share Index (ASI) to 24,174.45. Also, the market capitalisation shed N49.6 billion to close at N12.611 trillion.

Although there were more price gainers as 14 stocks appreciated and 10 depreciated, the decline in bellwethers such as Dangote Cement Plc and Zenith Bank Plc led to negative close.

However, Eterna Plc led the price losers with 10 per cent, trailed by Prestige Assurance Plc and International Breweries Plc shed 9.2 per cent apiece. Cornerstone Insurance Plc went down by 9.0 per cent, just as CAP Plc and Cutix Plc fell by 8.2 per cent and 6.1 per cent in that order. Dangote Cement Plc shed 3.1 per cent, just as Honeywell Flour Mills Plc declined by 1.0 per cent, while Zenith Bank Plc closed 0.6 per cent lower.

On the positive side, Linkage Assurance Plc led the price gainers with 8.5 per cent, trailed by Vitafoam Nigeria Plc with 7.8 per cent. Royal Exchange Plc chalked up 7.4 per cent, just as Unity Bank Plc appreciated by 6.1 per cent. Transcorp Plc garnered 4.8 per cent, just as African Prudential Plc and Neimeth International Pharmaceuticals Plc 4.2 per cent and 3.7 per cent respectively.

Access Bank Plc, which announced the completion of the acquisition of Transnational Bank Plc, of Kenya (TNB), was also among the price gainers.

The bank had on Monday disclosed that it was pleased to inform the investing public and the NSEhange of the Bank’s successful completion of the acquisition of Transnational Bank (Kenya) Plc.

According to the bank, it followed the receipt of full regulatory approvals and fulfillment of all conditions precedent to completion.

Commenting on the acquisition, the Group Managing Director, Access Bank Plc, Herbert Wigwe, said: “We are excited to make an entry into the vibrant Kenyan market. We pledge to put our customers at the forefront of everything we do. Through the creation of a world class payment system, we will build and support our wholesale and retail customers using our strong customer insights to deliver beyond their expectations.”

Meanwhile, activity level was mixed as volume traded fell 0.3 per cent to 304.2 million shares while value traded rose 55.6 per cent to N3.3 billion. The most active stocks by volume were FBN Holdings Plc (82.2 million shares), Custodian Investment Plc (30.3 million shares) and Sterling Bank Plc (28.0 million shares).