NSE crucial market indices drop further by 0.25%

The  Nigerian Stock Exchange (NSE) sustained bearish trend on Thursday, dropping further by 0.25 per cent as the market  All-Share Index shed 67.55 points or 0.25 per cent to close at 27,252.09 against 27,319.64 on Wednesday, amid profit taking by investors.

Similarly, the market capitalisation lost N33 billion or 0.25 per cent to close at N13.257 trillion in contrast with N13.290 trillion achieved on Wednesday.

The down ward trend was as a result of losses recorded in the medium and large capitalised stocks, amongst which were: Lafarge Africa, MTN Nigeria, Dangote Sugar Refinery, PZ Cussons Nigeria and Custodian Investment.

Analysts at Afrinvest Limited expected the bearish trend to persist, “although, we believe there were opportunities for bargain hunting in the equities market”.

Market breadth was negative, with 13 gainers in contrast with 17 losers.

Ikeja Hotel led the losers’ chart in percentage terms, dropping by 9.30 per cent to close at N1.17 per share.

Honeywell Flour Mills followed with a decline of 7.07 per cent to close at 92k, while PZ Cussons Nigeria dipped 5.08 per cent to close at N5.60 per share.

Fidelity Bank lost 3.75 per cent to close at N1.54, while Lasaco Assurance declined by 3.57 per cent to close at 27k per share.

Conversely, UACN and UACN Property Development Company recorded the highest price gain of 10 per cent, each to close at N5.00 and 90k, respectively.

Cadbury garnered 6.45 per cent to close at N9.90, while Okomu Oil increased by 6.13 per cent to close at N44.15 per share.

Nigerian Aviation Handling Company (NAHCO) appreciated by 6.12 per cent to close at N2.60 per share.

A breakdown of the activity chart showed that Guaranty Trust Bank topped the activity chart with an exchange of 35.002 million shares valued at N925.88 million.

FBN Holdings came second with 12.21 million shares worth N55.06 million, while Guinness sold 10.13 million shares valued at N377.78 million.

Zenith Bank accounted for 8.96 million shares worth N156.68 million, while Transcorp sold 6.23 million shares valued at N6.33 million.

In all, investors traded 133.34 million shares worth N2.39 billion in 2,561 deals, representing a decrease of 46.76 per cent.

This was in contrast with 250.45 million shares valued at N3.19 billion transacted in 3,211 deals on Wednesday.