Brokers on the ground of Nigerian Stock Exchange in Lagos.
The bears strengthened maintain on the fairness sector of the Nigerian Stock Exchange (NSE) yesterday, as extra bluechip shares depreciated in worth, inflicting market capitalisation to dip additional by N9 billion.
Specifically, on the shut of transactions yesterday, market breadth closed damaging, with 12 gainers towards 35 losers.Precisely, Japaul Oil led the losers’ chart by 7.32 per cent to shut at 38 kobo, whereas Eterna Oil shed 5.04 per cent to shut at N6.41 per share.
First Aluminium and Prestige Assurance depreciated by 5 per cent every to shut at 38 kobo and 57 kobo, respectively, whereas Cement Company of Northern Nigeria declined by four.86 per cent to shut at N23.50 per share.
Union Bank appreciated by four.24 per cent to shut at N6.15, whereas Africa Prudential Insurance gained three.90 per cent to shut at N4 per share.On the opposite hand, C&I Leasing recorded the best worth acquire of four.66 per cent, to shut at N2.02 per share, as Unity Bank gained four.49 per cent to shut at 93 kobo, whereas Transnational Corporation of Nigeria (Transcorp) appreciated by four.38 per cent to shut at N1.43 per share.
Consequently, the All-Share Index (ASI) shed 24.61 absolute factors, representing a decline of zero.06 per cent to shut at 37,963.93 factors, whereas the market capitalisation declined by N9 billion to shut at N13.752 trillion.The decline was occasioned by losses recorded in medium and enormous capitalised shares, amongst that are Okomu Oil, Cement Company of Northern Nigeria, Seplat Petroleum Development Company (Seplat), Mobil Nigeria and Zenith Bank.
Analysts at Cordros Capital famous that regardless of still-positive macro-economic fundamentals and beneficial stock entry costs, the absence of probably catalysts to set off potential beneficial properties within the equities market dents our constructive outlook for the market within the medium time period.Also analysts from APT Securities and Funds Limited mentioned “the ASI remained within the red zone for two consecutive days. We anticipate positive reactions to second quarter results of quoted companies.”
However, the amount of commerce depreciated by 31.02 per cent to 372.24 million shares, value N3.18 billion, and traded in three,800 offers.Transactions within the shares of Sterling Bank topped the exercise chart with 172.63 million shares valued at N241.03 million, as Zenith Bank adopted with 31.54 million shares value N792.74 million, whereas Transcorp traded 22.92 million shares valued at N31.98 million.United Capital traded 21.18 million shares valued at N69.34 million, whereas UBA transacted 16.62 million shares value N175.79 million.