Brokers on the ground of Nigerian Stock Exchange in Lagos.
The reign of the bears continued unabated on the fairness sector of the Nigerian Stock Exchange (NSE), as extra extremely capitalised shares depreciated in worth, inflicting market capitalisation to say no further by N28billion.
In abstract, the ASI shed 75.68 absolute factors, representing a decline of zero.18 per cent to shut at 41,zero80.12 factors.
Also, the market capitalisation declined by N28 billion to shut at N14.880trillion.
The downturn was impacted by losses recorded in medium and huge capitalised shares, amongst that are; Unilever Nigeria, Nigerian Breweries, Chemical Allied Products, Guaranty Trust Bank, and UAC of Nigeria.
Analysts at Afrinvest Limited, nevertheless argued that “Despite the softer sentiment in the market, we anticipate a rebound in the near term on the back of bargain hunting in bellwethers.”
Agreeing, analysts at Cordros Capital stated: “despite extended weakness, strengthening macro-economic fundamentals as well as relatively softer prices of value stocks, indices continue to point to likelihood of gains on the bourse.”
The whole quantity traded depreciated by 39.5 per cent to 341.1 million shares price N9.33billion, and traded in three,790 offers.
Transactions within the shares of Guaranty Trust Bank topped the exercise chart with 162.82 million shares valued at N7.4billion.
Fidelity Bank adopted with 29.52 million shares price N72.74million, whereas FBN Holdings traded 25.85 million shares valued at N310.9million.
UBA traded 15.45 million shares valued at N180.9million, whereas Zenith Bank transacted 13.78 million shares price N378.48million
On the value motion chart, Unilever topped the losers’ chart with N2.60 kobo to shut at N49.90 per share, whereas Nigeria Breweries adopted with N1.80 to shut at N125.20 per share. CAP misplaced N1.65 kobo to shut at N37.10 per share.
Guaranty Trust Bank shed N0.65 kobo to shut at N45.00 per share. UACN dropped N0.60 kobo to shut at N17.40 per share.
On the opposite hand, Nestle led others on the gainers’ chart with N2.50 kobo per share whereas Cement Company of Northern Nigeria adopted with N1.15 kobo to shut at N24.60 per share.
Dangote Cement gained N1.00 per share. Guinness appreciated by N0.50 kobo to shut at N104.00 per share. National Salt Company of Nigeria additionally added N0.50 kobo shut at N21.00 per share.