Bears hold sway on trading floor as ASI drops by 0.04%

By Chukwuma Umeorah

Negative sentiments still pervaded the nation’s bourse for a second consecutive week as the All-Share Index (ASI) dipped 0.04 per cent to close at 54,892.53 points.

The losses in BUA Cement (-1.6 per cent) and STANBIC (-5.8 per cent) undermined the market’s performance, with market capitalisation dipping N13 billion to N29.903 trillion.

Consequently, the Month-to-Date (MTD) and Year-to-Date (YTD) returns settled at -1.6 per cent and +7.1 per cent, respectively.

Activity levels were mixed, as trading volumes increased 97.8 per cent w/w, while value traded declined by 6.5 per cent w/w.

Similarly, sector performances were mixed, as the Consumer Goods (-0.7 per cent), Industrial Goods (-0.5 per cent), and Insurance (-0.5 per cent) indices declined while the Banking (+0.9 per cent) index advanced, while the Oil and Gas index closed flat.

However, a total turnover of 1.689 billion shares worth N11.066 billion in 14,019 deals was traded by investors on the floor of the exchange, in contrast to a total of 853.745 million shares valued at N11.841 billion that exchanged hands in the previous week in 18,543 deals.

The Healthcare Industry (measured by volume) led the activity chart with 1.086 billion shares valued at N1.627 billion traded in 267 deals; thus contributing 64.32 per cent and 14.70 per cent to the total equity turnover volume and value respectively.

The Financial Services Industry followed with 379.556 million shares worth N4.547 billion in 6,711 deals while the Conglomerates Industry recorded a turnover of 89.526 million shares worth N131.231 million in 534 deals.

Trading in the top three equities namely Neimeth International Pharmaceuticals Plc, Transnational Corporation Plc and United Bank for Africa Plc, (measured by volume) accounted for 1.248 billion shares worth N2.347 billion in 1,102 deals, contributing 73.89 per cent and 21.21 per cent to the total equity turnover volume and value respectively.