NSE: Market indicators record 0.66% loss in last trading of August

The Nigerian equities market posted bearish posture on Thursday to close with a loss of 0.66 per cent on the last trading day of August.

Specifically, the All-Share Index dipped 181.45 points or 0.66 per cent to close at 27,425.57 compared with 27,607.02 achieved on Wednesday.

Similarly, the market capitalisation which opened at N13.430 trillion shed N88 billion or 0.66 per cent to close at N13.342 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, MTN Nigeria, Unilever Nigeria, Flour Mills of Nigeria and UAC of Nigeria (UACN).

Analysts at Afrinvest Limited stated “In line with our expectations, the equities market posted a bearish performance and we expect this to continue in the absence of a major economic stimulus.”

However market breadth closed positive, with 18 gainers compared with 14 losers.

UACN led the losers’ chart dropping by nine per cent to close at N4.55 per share.

Flour Mills followed with a decline of 5.59 per cent to close at N13.50, while UACN Property Development Company lost 5.38 per cent to close at 88k, per share.

Courteville Business Solutions depreciated by 4.76 per cent to close at 20k and Cornerstone Insurance depreciated by 4.55 per cent to close at 21k per share.

Volume of shares traded depreciated by 11 per cent to 116.07 million, worth N1.65 billion, and traded in 3,129 deals.

Conversely, Continental Reinsurance recorded the highest price gain of 9.79 per cent to close at N1.57 per share.

Africa Prudential followed with a gain of 8.57 per cent to close at N3.80, while Forte Oil appreciated by 6.82 per cent to close at N16.45, per share.

Neimeth International Pharmaceuticals grew by by 6.38 per cent to close at 50k, while Livestock Feeds and Mutual Benefits Assurance appreciated by five per cent each to close at 42k and 21k, respectively, per share.

The volume of shares traded closed lower with an exchange of 116.07 million shares valued at N1.65 billion accounted in 3,129 deals.

This was against the 130.37 million shares worth N3.01 billion transacted in 2,866 deals on Wednesday.

Transactions in the shares of Zenith Bank topped the activity chart with a turnover of 19.09 million shares valued at N353.45 million.

Lafarge Africa sold 17.66 million shares worth N250.71 million, while Access Bank traded 15.01 million shares valued at N96.9 million.

Neimeth International Pharmaceuticals accounted for 6.98 million shares worth N3.26 million, while Guaranty Trust Bank traded 5.77 million shares valued at N155.83 million.