Nigerian Stock Exchange trading floor

Stocks Market Halts Bullish Run, Dips By 2.61%

By Nse Anthony-Uko
(Sundiata Finance) — The Nigerian stocks market, on Wednesday, shed 2.61 per cent, ending prior five day bull-run due to profit taking in highly capitalised stocks.
In summary, the All Share Index (ASI) shed 897.71 absolute points, representing a decline of 2.61 per cent to close at 33,477.89 points. Similarly, the market capitalisation shed N311 billion, to close at N11.577 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Oando, FBN Holdings, Dangote Cement, Wapco, Zenith Bank, Access Bank, Seven Up, Guaranty Trust Bank, Nigerian Breweries, Nestle, UBA and Julius Berger.
Capital market analysts noted that yesterday’s performance was mainly dragged by profit-taking in some stocks that had appreciated in the previous sessions, saying’ “We remain optimistic that the downtrend would not persist beyond the short term as we expect investor sentiment to remain largely driven by improvements in macroeconomic fundamentals, developments in the forex market and anticipated strong second quarter earnings.”
Similarly, market breadth closed negative with 13 gainers against 37 losers. Neimeth led the gainers table by 9.09 per cent to close at 84 kobo per share. Conoil followed with a gain of 4.99 per cent to close at N40.42, while CCNN appreciated by 4.93 per cent to close at N11.27 per share.
Also, Vitafoam went up by 4.80 per cent to close at N2.84 and Honeywell Flour rose by 4.79 per cent to close at N1.97 per share.
On the other hand, PZ Industries and Skye Bank the laggards’ table by five per cent each, to close at N29.90 and 76 kobo per share, respectively. Cadbury trailed with a loss of 4.98 per cent to close at N13.54, while ETI and Oando went down by 4.97 per cent each, to close at N14.53 and N7.27 per share, respectively.
Honeywell Flour declined by 4.55 per cent to close at N1.05, while The Initiates shed by 4.49 per cent to close at 85 kobo per share.
Activity level however, improved as volume and value traded rose 29.7 per cent and 52.1 per cent to 508.7 million units and N6.4 billion respectively. Transactions in the shares of Zenith Bank topped the activity chart with 87.93 million shares valued at N1.86 billion. Fidelity Bank followed with 55.4 million shares worth N71.48 million, while Guaranty Trust Bank traded 50.28 million shares valued at N1.8 billion.
Diamond Bank traded 45.63 million shares worth N55.67 million and UBA transacted 40.45 million shares valued at N336.85 million.

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