Market Breadth Remains Negative as Bears Sustain Control

By Modupe Gbadeyanka

The Nigerian Stock Exchange (NSE) remained weak on Tuesday for the second trading session, depreciating by 0.87 percent.

Specifically, the All-Share Index (ASI) went down by 384.42 points to settle at 43,877.30 points, while the market capitalisation decreased by N138 billion to close at N15.746 trillion.

In addition, the market breadth remained weak with 18 share risers and 48 share fallers recorded at the close of trading activities.

Stanbic IBTC emerged the highest price gainer, appreciating by N1 to settle at N47 per share, while Dangote Sugar also rose by N1 to finish at N22 per share.

PZ Cussons increased by 35k to close at N24 per share, Red Star Express appreciated by 25k to finish at N5.75k per share, while Eterna improved by 20k to end at N5.88 per share.

On the flip side, Mobil suffered the biggest price loss after going down by N6 to settle at N210 per share.

It was followed by Unilever, which depreciated by N2.10k to finish at N45.35k per share, and Flour Mills, which sank by N1.60k to end at N32.40k per share.

Zenith Bank lost N1.45k today to close at N31.20k per share, while Julius Berger fell by N1.35k to settle at N27.30k per share.

Business Post reports that the volume and value of shares transacted on Tuesday increased unlike on Monday, when it went down.

A total of 717.2 million shares worth N4.9 billion exchanged hands today in 6,720 deals against 426.9 million equities traded yesterday in 5,741 deals valued at N2.8 billion.

Lasaco Assurance Plc got the curiosity of investors at the equities market on Tuesday, emerging the most traded stock at the close of business.

The company sold a total of 182.8 million shares valued at N59 million, though its share price remained at 34k per share.

FCMB was the second most traded stock, exchanging 90.5 million shares worth N258.6 million, while Skye Bank came third after transacting 80 million equities for N102 million.

Transcorp sold 66.4 million stocks worth N144.9 million, while FBN Holdings exchanged 39.7 million equities for N513.3 million.