Bear Run Persists at NSE


By Goddy Egene and Eremosele Abiodun,


Nigerian equities fell for the fourth day running  at the stock market, making the Nigerian Stock Exchange (NSE), All-Share Index to close below the 25,000 range yesterday. Specifically,   the index declined by 0.18 per cent to close at 24,988.03, compared with a decline of 1.26 per cent the previous day.


However, operators said the rate of decline, which is lower than the previous day, indicates that the return of the bulls is imminent. The bulls have stayed away from the market since last Monday as investors reacted cautiously to developments at NSE.


Although, the market has shed N184 billion in the last four days, stockbrokers said that the depreciation in prices is an opportunity for investors to increase their stakes in the market.
Twenty-nine stocks depreciated yesterday, down from 45 the previous day, while 25 appreciated, up from 23 the previous day. Nigerian Breweries Plc led the price losers with

N1.55 to close at N69.10 per share. Access Bank Plc trailed with a loss of N0.25 to close at N8.20 per share.


R.T Briscoe Nigeria Plc, Nigerian Bags Manufacturing Plc and Diamond Bank Plc shed N0.11 apiece. Other top price losers included: GTBank Plc, PZ Cussons Nigeria Plc, Sterling Bank Plc (N0.10 each); Intercontinental Bank Plc (N0.09), Oceanic Bank International Plc (N0.08), Evans Medical Plc, Bank PHB Plc and Dangote Sugar Refinery Plc (N0.06 apiece).
On the other hand, Unilever Nigeria Plc led the price gainers with N1.17 to close at N24.67 per share. Okomu Oil Palm Plc trailed with a gain of N0.61 just as Cadbury Nigeria Plc and Ecobank Transnational Incorporated garnered N0.50 and N0.46 in that order.


Other top price gainers included Presco Plc (N0.30); Ecobank Nigeria Plc (N0.22); Dangote Flour Mills Plc (N0.15); Fidson Healthcare Plc (N0.13); Fidelity Bank Plc (N0.12); National Salt Company of Nigeria Plc (N0.07) and Guaranty Trust Assurance Plc (N0.04).


Meanwhile, equities turnover stood at 145.285 million shares worth N1.465 billion exchanged in 5,208 deals compared with 164.264 million shares valued at N1.865 billion traded in 6,558 deals the previous day.


Bank stocks remained the most active, selling 79.484 million shares worth N520.752 million in 2,838 deals. Fidelity Bank Plc led the sub-sector with 9.658 million shares valued at N23.981 million exchanged in 151 deals.


First City Monument Bank Plc accounted for 8.224 million shares worth N58.789 million traded in 31 deals just as Guaranty Trust Bank Plc sold 7.204 million shares valued at N116.931 million in 509 deals.


Source: Thisday



Comments are closed.