Indices slide, as blue chips lose on the Exchange
By Helen Oji
THE bears, yesterday upstaged the bulls, following major price losses incurred by virtually all the highly capitalised stocks, causing the indices to fall marginally by 0.4 per cent.
Precisely, at the close of trading, the marginal gains recorded by some of the blue chip companies were not enough to pull the indices.
Specifically, corporate performance indices, the All-share index of the Nigerian Stock Exchange (NSE) depreciated by 153.3 points or 0.4 per cent, from 38,018.44 at which it closed on Monday to 37,865.16, while market capitalisation fell by N34 billion, from N8,390 trillion to N8,356 trillion.
Analysts attributed the downturn to indiscriminate selling of shares by investors who have incurred losses during the bearish market.
According to them, these investors has taken advantage of the few days of rebound to sell off their shares even below offer prices, whereas those expected to buy the shares were not showing interest as they were set to recover from previous losses and thus, have not developed confidence in the market.
On the price movement chart, UAC Plc emerged the day's highest price gainer, adding 120 kobo, to close at N33.20 per share. UAC Properties Nigeria Plc followed on the list, adding 120 kobo, to close at N26.00 per share.
Dangote Sugar Refinery Plc, Dangote Flour Mill Plc, Constain West Africa Plc, Intercontinental Bank Plc, Nigeria Aviation Handling Company Plc (NAHCO), Afribank Nigeria Plc, PZ Cussons Plc, Oceanic Bank International Plc, Diamond Bank Plc, International Breweries Plc, UBN Plc and Fidelity Bank Plc, also gained 98 kobo, 81 kobo, 72 kobo, 71 kobo, 69 kobo, 67 kobo, 64 kobo, 57 kobo, 50 kobo, 34 kobo, 30 kobo and 27 kobo, to close at N20.77, N17.19, N15.31, N15.61, N14.59, N16.00, N19.90, N14.13, N10.51, N7.15, N21.00 and N5.74 per share.
On the other hand, two of the petroleum marketing giants, Chevron Oil Nigeria Plc and Oando Nigeria Plc led others on the loser's chart, shedding 1,335 kobo and 565 kobo, to close at N253.65 and N107.42 per share.
Nigeria Breweries Plc, Seven-Up Bottling Company Plc, Benue Cement Company of Nigeria Plc, First Bank of Nigeria Plc, Ashaka Cement Plc, Zenith Bank Iternational Plc, NNFM Plc, Guaranty Trust Bank Plc and RT Briscoe Plc, also lost 228 kobo, 218 kobo, 159 kobo, 145 kobo, 140 kobo, 134 kobo, 106 kobo, 83 kobo and 80 kobo, to close at N43.32, N43.00, N30.30, N27.56, N27.55, N26.66, N20.24, N17.65 and N18.00 per share.
With transaction done in 7,218 deals, the banking sub-sector maintained its dominance in volume terms with 311.7 million shares, worth N4.3 billion, while the insurance sub-sector followed with 252 million units, worth N325.3 million in 1,478 deals.
The food/.beverages and tobacco sub-sector ranked third on the list with 16.1 million units, valued at N342.1 million in 464 deals.
The banking sub-sector was buoyed by activity in the shares of Guaranty Trust Bank Plc, which traded 59.6 million shares, worth N1.1 billion in 1,235 deals, while Oceanic Bank International Plc followed with 56.6 million units, worth N765.4 million in 604 deals.
The insurance sub-sector was boosted by activity in the shares of Investment and Allied Assurance Plc and Sovereign Trust Insurance Plc, which traded 148.1 million units and 23.4 million shares, valued at N74 million and N35.4 million in 72 and 25 deals each.