NSE sustains negative sentiment, ASI down 0.39%

Activities on the Nigerian Stock Exchange (NSE) on Tuesday maintained negative sentiment, with the All-Share Index (ASI) declining further by 0.39 per cent.

Specifically, ASI, which opened at 24,269.58, dipped 95.13 points to close at 24,174.45.

Similarly, the market capitalisation shed N50 billion or 0.39 per cent to close at N12.610 trillion compared with N12.660 posted on Monday

In spite of the downtrend on the first two trading days of the week, analysts expected the continued release of half-year results to spur reactions in the equities market.

The downturn was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Dangote Cement, Chemical and Allied Products, International Breweries, Eterna and Cutix.

An analysis of the price movement chart showed that Eterna led the losers’ chart in percentage terms, dropping 10 per cent, to close at N1.80, per share.

Prestige Assurance trailed with 9.26 per cent to close at 49k, while International Breweries dropped 9.21 per cent to close at N3.45, per share.

Cornerstone Insurance lost 9.09 per cent to close at 50k while CAP declined by 8.23 per cent to close at N18.95, per share.

On the other hand, Linkage Assurance led the gainers’ table in percentage terms, gaining 8.57 per cent, to close at 38k per share.

Vitafoam came second with 7.88 per cent to close at N5.75, while Royal Exchange increased by 7.41 per cent to close at 29k, per share.

Unity Bank rose by 6.12 per cent to close at 52k, while Transcorp appreciated by 4.84 per cent to close at 65k, per share.

A breakdown of the activity table indicated transactions in the shares of FBN Holdings topped the activity chart with 82.20 million shares valued at N407.57 million.

Custodian Investment followed with 30.29 million shares worth N146.89 million, while Sterling Bank accounted for 27.99 million shares valued at N34.29 million.

Flour Mills sold 20.28 million shares worth N344.84 million, while Nigerian Breweries transacted 20.21 million shares valued at N626.59 million.

The total volume of trade decreased by 0.3 per cent with an exchange of 304.19 million shares, worth N3.27 billion transacted in 3,500 deals.

This was in contrast with 305.10 million shares valued at N2.10 billion exchanged in 3,258 deals on Monday. (NAN)