The stock market closed lower tuesday, ending two days of positive performance with the Nigerian Stock Exchange (NSE) All-Share Index (ASI) shedding 0.05 per cent to be at 26,217.54. Similarly, market capitalisation shed N4.8 billion to close at N9.0 trillion. The market had maintained an uptrend since last Friday and closed 0.03 per cent higher on Monday.
It was a battle between the bears and bulls at the stock market last week, a battle that the bears eventually won. The market had in the previous week rebounded with a growth of 0.28 per cent on renewed demand for banking stocks. However, the optimism by investors was not sustained last week, thereby returning the market south.
Although investors’ preference for banking stocks remained strong last week, losses by Forte Oil Plc, Nestle Nigeria Plc, Dangote Cement Plc, Diamond Bank Plc and Nigerian Breweries Plc dragged the market to close in the bears’ territory.
Consequently, the Nigerian Stock Exchange (NSE) All-Share Index (NSE ASI) went down by 0.39 per cent to close at 26,223.54, while market capitalisation ended at N9.023 trillion.
Similarly, all other indices finished lower during the week with the exception of the NSE Banking, NSE Insurance, NSE Pension indices that appreciated by 1.80 per cent, 1.00 per cent and 0.19 per cent respectively while the NSE ASem Index closed flat.
Daily Market performance
Trading at the stock market resumed on positive note on Monday following continued strong demand for banking Stocks. The NSE ASI rose by rose by 0.18 per cent to close at 26,373.83. The market had bounced back last week on the high demand for banking stocks.
That trend continued on Monday as out of the 17 price gainers, eight were banking stocks led by Diamond Bank Plc with 7.2 per cent to close at N1.19 per share. Ecobank Transnational Incorporated chalked up 4.4 per cent, just as Sterling Bank Plc garnered 3.9 per cent. Access Bank Plc, Zenith Bank Plc and Stanbic IBTC appreciated by 2.9 per cent, 2.1 per cent, and 1.9 per cent respectively. Also, Unity Bank Plc and United Bank for Africa Plc rose by 1.7 per cent and 0.20 per cent in that order.
Other non-banking stocks yesterday included: NAHCO Plc (4.4 per cent); Eterna Plc(2.3 per cent); Mobil Oil Nigeria Plc (2.09 per cent); Flour Mills of Nigeria Plc (0.61 per cent).
Conversely, NCR Nigeria Plc led the price losers with 4.9 per cent, trailed by Total Nigeria Plc rising by 4.8 per cent. Cutix Plc, A.G. Leventis Nigeria Plc, Guinness Nigeria Plc and Seven-Up Bottling Company Plc 4.5 per cent, 4.3 per cent, 4.1 per cent and 3.9 per cent in that order.
Goddy Egene and Nosa Alekhuogie