Trading on the Nigerian Stock Exchange (NSE) maintained a downward trend on Tuesday, May 7, 2019 with 0.34 percent on losses in 32 stocks.
The All Share Index (ASI) fell by 100.46 points or 0.34 percent to 29,096.41 points. Accordingly, investors lost N37 billion in value as market capitalization declined to N10.936 trillion.
The downturn was principally caused by losses recorded in medium and large capitalized stocks, including Julius Berger, Okomu Oil, Dangote Flour Mills, Cadbury Nigeria and Zenith Bank.
According to analysts at Afrinvest Limited, “Consequent on yesterday’s bearish performance and the weak investor sentiment, we opine that subsequent trading sessions will continue to be bearish in the near term.”
“In our view, the sustained sell-offs in the Nigerian equities market is overdone compared to peer markets. This provides a basis for the ASI to recover in the absence of further downside risks. Beyond the obvious, we believe that the blend of positive macro-economic fundamentals and compelling valuations supports our view of a near term recovery,” analysts at Cordros Capital said.
Market breadth was negative, with 11 gainers versus 32 losers. Beta Glass recorded the highest price gain of 10 percent, to close at N62.70 per share. Courteville Business Solutions folowed with a gain 8.33 percent to close at 26 kobo, while Chams appreciated by 8.16 percent to close at 53 kobo per share.
Consolidated Hallmark Insurance went up by 7.41 percent to close at 29 kobo, while Regency Alliance Insurance appreciated by four percent to close at 26 kobo per share. On the other hand, Dangote Flour led the losers’ chart by 9.86 percent, to close at N16, while Ikeja Hotel followed with a loss of 9.38 percent to close at N1.45 kobo per share. Cadbury Nigeria depreciated by 9.32 percent to close at N10.70 per share, while Goldlink Insurance and Veritas Kapital Assurance shed 9.09 percent each to close at 30 kobo and 20 kobo, respectively per share.
Meanwhile, the total volume traded improved by 58.73 percent to 430.27 million shares, worth N2.83 billion, and traded in 4,512 deals. Transactions in the shares of Courteville Business Solutions topped the activity chart with 106.57 million shares valued at N26.86 million. Japaul Oil & Maritime Services followed with 61.23 million shares worth N21.32 million, while Access Bank traded 53.69 million shares valued at N378.31 million. United Bank for Africa (UBA) traded 40.52 million shares valued at N268.49 million, while Zenith Bank transacted 22.11 million shares worth N458.65 million.
