Bears Sustain Grip on Market as NSE Index Drops 0.35%

By Modupe Gbadeyanka

The Nigerian Stock Exchange (NSE) on Thursday, again closed on a negative note as bears maintained dominance on the market.

It was the last trading day of the week as well as the month of August today, but the continued bears’ grip on the market ensured that the negative sentiments remained.

At the close of transactions on Thursday, August 31, 2017, the stock market recoiled further by 0.35 percent.

Specifically, the All-Share Index (ASI) shed 124.51 points to close at 35,504.62 points, while the market capitalisation depreciated by N42.9 billion to finish at N12.2 trillion.

Unlike yesterday, the market breadth closed positive today with 27 advancers and 20 decliners, while the year-to-date return stood at 32.11 percent.

The gainers’ chart was led by Seplat, which progressed by N8.50k to settle at N490.50k per share, while Total gained N2 to close at N245 per share.

Also, Guinness Nigeria chalked up 50k to finish at N75.50k per share, Dangote Cement advanced by 48k to end at N205 per share, and PZ Cussons appreciated by 41k to wrap the day at N27.30k per share.

At the other end, Nigerian Breweries topped the losers’ table with a loss of N4.97k to close at N180.3k per share.

It was followed by Stanbic IBTC, which shed N1.73k to end at N38.27k per share, and Julius Berger, which slumped by N1.71k to finish at N32.49k per share.

Cadbury fell by 60k to close at N11.47k per share, while SCOA lost 17k of its share value to finish at N3.25k per share.

Business Post reports that the volume and value of shares traded on the floor of the NSE rose on Thursday with a total of 266.5 million shares exchanged in 2,263 deals valued at N4 billion, in contrast to 240 million units sold yesterday in 4,371 deals worth N3 billion.

At the close of transactions today, financial stocks were investors’ toasts with Sovereign Trust Insurance exchanging 100 million shares worth N50 million.

It was trailed by FBN Holdings traded 26.4 million shares valued at N150.5 million, and Access Bank transacted 23 million units at N223.5 million.

Furthermore, UBA sold 20.6 million shares for N187.3 million, while Zenith Bank traded 10.3 million shares at N235.7 million.

The market is expected to resume trading activities next Tuesday due to the public holidays declared for Friday and Monday to mark Sallah.