The Nigerian capital market is once again shaping for a negative this year with 64 days left before it comes to an end. Curiously, the bearish market has persisted, leaving the major index prostate at the negative corner of -16 per cent as at Friday, October 25, 2019. The All Share Index (ASI) which opened on January 3, 2019 at 30, 771,32 points has slid to 26,348.73 basis points.

The same trend should naturally cause a plunge in the market capitalization but for the listing of the giant telecom company’s including MTN Nigeria and Airtel Nigeria which bloated number of shares.

This week the equities market lost 0.15 per cent from Monday to Friday 25, 2019 while the index eased by 0.03 per cent from Thursday 24, 2019 to Friday. N20billion however, slipped through the hands of investors as the market capitalization plunged N12.846 trillion to N12.826 trillion in one week.

Individual stocks are not any better as the economy has not offered good incentives to attract investors both local and foreign.

Meanwhile, market indicators of the Nigerian Stock Exchange (NSE) closed trading on Friday with a marginal decline of 0.03 per cent.

Specifically, the All-Share Index dipped 8.51 points or 0.03 per cent to close at 26,348.73 against 26,357.24 achieved on Thursday.

Similarly, the market capitalisation declined to N12.826 trillion from N12.830 trillion recorded on Thursday.

A breakdown of the price movement shows Guinness recorded the highest loss, shedding N2.60 to close at N23.85 per share.

Forte Oil trailed with a drop of N1.55 to close at N16.05, while Cement Company of Northern dipped N1 to close at N15 per share.

Dangote Floor was down by 75k to close at N22.25, while C &I Leasing lost 70k to close at N6.60 per share.

On the other hand, Guaranty Trust Bank led the gainers’ table, gaining 30k to close at N26.30 per share.

Lafarge Africa gained 25k to close at N14.70, while Access Bank added 20k to close at N7.30 per share.

United Bank for Africa increased by 10k to close at N5.85, while Sterling Bank rose 9k to close at N1.94 per share.

Also, the volume of shares traded dipped by 17.41 per cent with an exchange of 371.042 million shares valued at N2.52 billion in 2,736 deals.

This was against 449.24 million shares worth N1.64 billion transacted in 2,810 deals on Thursday.

Omoluabi Mortgage Bank remained toast of investors, trading 120.50 million shares valued at N66.28 million.

This was followed by Zenith Bank with an account of 74.49 million shares valued at N1.27 billion.

United Bank for Africa trailed with 28.47 million shares worth N165.68 million, while UAC Property sold 26.99 million shares worth N28.87 million.

Transcorp traded 24.12 million shares valued at N23.88 million.

 

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