News Column

Index Declines As Bearish Trend Persists At Stock Market

August 19, 2014

Trading at the stock market continued with its bearish trend yesterday as investors' sentiments remained negative. As a result, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) shed 0.02 per cent to close at 41,370.24.

The market closed 2.86 per cent lower last week as investors reacted negatively to weak six months financial results of some companies. When trading resumed for the week yesterday the negative trend persisted as the ASI declined further, while volume and value of trading also fell.

Although the ASI declined marginally by 0.02 per cent to close at 41,370.24, the year-to-date (YTD) return of the ASI depreciated 0.10 per cent.

Apart from the NSE Oil and Gas Index, other major NSE indices closed negatively. The NSE Oil and Gas appreciated by 0.86 per cent. However, the NSE 30, NSE Banking Index, NSE Insurance Index fell by 0.05 per cent, 0.14 per cent and 0.03 per cent respectively.

A further analysis of the trading yesterday showed that 27 stocks depreciated in price, while 22 appreciated, while volume and value of trading went down by 63 per cent and 19 per cent respectively.

Flour Mills of Nigeria Plc led the price losers with 7.3 per cent to close at N68.11 per share. Fortis Microfinance Bank Plc trailed with 5.0 per cent, while Vitafoam Nigeria plc shed 4.7 per cent. Japaul Oil, R.T Briscoe Nigeria Plc, Wema Bank Plc and Fidelity Bank Plc depreciated by 3.7 per cent, 3.2 per cent, 3.1 per cent and 2.5 per cent in that order.

On the other hand, Premier Breweries Plc led the price gainers with 9.1 per cent, trailed by Pharma Deko Nigeria Plc with 4.8 per cent. Cement Company of Northern Nigeria Plc chalked up 4.6 per cent, just as Neimeth International Pharmaceutical Plc and Learn Africa Plc went up by 4.5 per cent and 3.8 per cent respectively.

Meanwhile, investors traded 117.831 million shares worth N2.119 billion exchanged in 4,484 deals, compared with 481.655 million shares valued at N2.637 billion traded in 4,368 deals last Friday.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: AllAfrica

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