The Nigerian equities market on Tuesday, April 30, 2019, shed 1.22 percent due to sustained profit taking, thus dragging down the market capitalization below the N11 trillion mark.
The All Share Index (ASI) shed 361.32 absolute points, representing a dip of 1.22 percent to close at 29,159.74 points. Similarly, the market capitalisation shed N136 billion to close at N10.959 trillion.
The day’s performance was influenced by price depreciation in medium and large capitalised stocks, among which are, Nestle Nigeria, Dangote Cement, Stanbic IBTC Holdings, Cement Company of Northern Nigeria (CCNN) and NASCON Allied Industries.
Analysts at Cordros Capital Limited noted that “In the absence of a positive catalyst, we guide investors to trade cautiously in the short term. However, stable macro-economic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.”
Also, analysts at APT Securities and Funds Limited said that “The NSE-ASI extends negative outlook amidst good fundamentals. However, positive first quarter result had an ample effect on company’s stock prices. Therefore, there is still room for more up days. Investors are thereby encouraged to take a medium to long term position in fundamentally justifiable stocks.”
However, market breadth was positive with 26 gainers against 19 losers. Japaul Oil & Maritime Services, UACN Property Development Company and Caverton Offshore Support Group recorded the highest price gain of 10 percent, each to close at 33 kobo, N1.65 and N2.97 per share. Forte Oil followed with a gain of 9.97 percent, to close at N35.30, while Dangote Flour Mills rose by 9.94 percent to close at N18.80 per share.
On the other hand, Cutix led the losers’ chart by 9.76 percent, to close at N1.85, per share. Goldlink Insurance followed with a decline 9.09 percent to close at 40 kobo, while CCNN declined by 8.79 percent to close at N14, per share. Unity Bank declined by 5.88 percent to close at 80 kobo, while NASCON Allied Industries down by 4.74 percent, to close at N18.10 per share.
Also, the total volume traded went up by 91.51 percent to 543.92 billion units, valued at N8.2 billion, and exchanged in 4,682 deals. CCNN traded with 132.33 million shares valued at N1.86 billion. FBN Holdings followed with 68.78 million shares worth N497.25 million, while Unilever Nigeria traded 50.47 million shares valued at N1.56 billion. Guaranty Trust Bank traded 41.44 million shares valued at N1.38 billion, while Dangote Flour transacted 37.88 million shares worth N712.1 million.
