Nigerian bourse ends the week bearish as Index down 0.28%

Trade transactions on the Nigerian Stock Exchange (NSE) closed in the negative territory on Friday as investors recorded a loss of N41 billion following losses recorded by 33 companies.

The All-Share Index, (ASI) shed 0.28 per cent to 40,814.89 points, following sessions of mixed trading.

Analysis of activities in the market showed that AG Leventis Plc, which led the losers, fell by 14.06 per cent to close at N0.55 from N0.64. 11 Pl followed, declining by 14 per cent to close at N172.00 from N200.00; Mutual Benefits Assurance plc ranked third, declining by 12.12 per cent to close at N0.29 from N0.33; Niger Insurance depreciated by 8.82 per cent to close at N0.31 from N0.34, while Presco Plc slipped by 8.33 per cent to close at N66.00 from N72.00 per share.

The market capitalisation also fell by 0.28 per cent or N41 billion to N14.743 trillion from N14.784 trillion the previous session. Further analysis of the market activities showed that 36 gainers emerged led by Oando Plc with 39.13 per cent increase to close at N9.60 from N6.90; Jaiz Bank Plc placed second, rising by 21.13 per cent to close at N0.86 from N0.71.

Skye Bank Plc ranked third with 18.75 per cent increase to close at N0.95 from N0.80; Julius Berger Nigeria Plc appreciated by 14.89 per cent to close at N27.00 from N23.50, while Unity Bank Plc closed the list of the top five gainers, rising by 14.41 per cent to close at N1.27 from N1.11 per share.

On outlook for next week, analysts at Cowry Assets Management, said: “We expect the local bourse to close in the green territory as investors mop up stocks with impressive first quarter earnings.” Also analysts at Cordros Capital also expects that declining fixed income yields, relatively lower prices of value stocks and expected positive corporate releases will all combine to drive the market.