Tuesday, February 27Inside Business Africa

Selloffs in banking stocks, others drag index further by 0.08%

Transactions on the Nigerian equities market extended the negative streak to four consecutive trading sessions, amid sell pressure on the banking and consumer goods sectors, as index fell further by 0.08 percent.

The All-Share Index (ASI) decreased by 23.38 absolute points, representing a dip of 0.08 percent to close at 27,547.56 points. Similarly, the overall market capitalisation size shed N13billion to close at N14.347trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; Guaranty Trust Bank, United Bank for Africa (UBA), FBN Holdings, Vitafoam Nigeria, and Zenith Bank.

Analysts at Afrinvest Limited, said: “We maintain our bearish outlook on the equities market pending the corporate earnings release of tier-one Banking stocks. However, we note that there are opportunities for bargain hunting.”

Also, Imperial Asset Managers Limited expects the market to maintain prevailing trend in the next session amid safety precaution. It added that bargain-hunting activities are expected to be prominent.

Consequently, market breadth closed negative, recording 12 gainers against 13 losers. UACN Property Development Company, and Wapic Insurance recorded the highest price gain of 10 per cent each to close at 99 kobo and 33 kobo, respectively, while C & I Leasing followed with 7.41 per cent to close at N5.80, per share.

Neimeth International Pharmaceuticals rose 6.67 percent to close at 48 kobo, and Jaiz Bank edged 4.41 per cent to close at 71 kobo, per share.
On the other hand, Law Union and Rock Insurance led the losers’ chart by 4.81 per cent to close at 99 kobo, per share. Japaul Oil and Maritime.

Services followed with 4.76 per cent to close at 20 kobo, and Courteville Business Solutions shed 4.55 per cent to close at 21 kobo, per share.
Linkage Assurance lost 4.35 per cent to close at 44 kobo, while Vitafoam Nigeria shed 3.19 per cent to close at N4.55, per share.

However, the total volume of trade increased by 24.9 per cent to 168.07 million units valued at N2.16 billion exchanged in 3,075 deals.Transactions in the shares of Zenith Bank topped the activity chart with 48.99 million shares valued at N953.24 million. Guaranty Trust Bank followed with 17.07 million shares worth N494.85 million, while united capital traded 15.64 million shares at N45.698 million. Access Bank traded 12.83 million shares valued at N124.43 million, and FBN Holdings (FBNH) transacted 10.31 million shares worth N60.39 million.

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