ASI closes September on negative note, down by 0.2 per cent

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 Trading floor of the Nigerian Stock Exchange PHOTO: Femi Adebesin-Kuti

[color=var(--atc)]ASI closes September on negative note, down by 0.2 per cent[/size][/size][/color]

By Helen Oji
01 October 2019   |   1:01 am

The bears upstaged the bulls at the equities sector of the Nigerian Stock Exchange (NSE), to end trading activities for the month of September on a downward note, causing as the All-Share Index (ASI) to shed 0.2 per cent.


   
Precisely, ASI fell by 44.48 points or 0.16 per cent to 27,630.56 points. Accordingly, investors lost N22 billion in value as market capitalisation declined to N13.450 trillion.
   
The downturn was impacted by losses recorded in medium and highly capitalised stocks, amongst which were; MTN Nigeria, Unilever Nigeria, Seplat Petroleum Development Company (Seplat), Ecobank Transnational Incorporated (ETI), and NASCON Allied Industries.
   
Analysts at Afrinvest Limited maintained their bearish stance for the market, but noted that the current low prices of stocks present opportunities for bargain hunting.

Analysts at Imperial Asset Management said: “This week, we expect equity market activities to be driven by speculative interest, as investors prepare ahead of third quarter, 2019 earnings season.

“We equally expect bargain hunting on stocks that have witnessed significant price.
 
“This week, we expect equity market activity to be driven by speculative interest as investors prepare ahead of Q3-19 earnings season. We equally expect bargain hunting on stocks that have witnessed significant price depreciation in recent past weeks.”
   
Meanwhile, market breadth closed at par, recording 18 gainers and losers. Chemical and Allied Products (CAP) recorded the highest price gain of 9.89 per cent to close at N25.55, per share. Continental Reinsurance followed with a gain 9.52 per cent to close at N2.07, while NPF Microfinance Bank appreciated by 9.09 per cent to close at N1.20, per share.


   
Total Nigeria rose 7.92 per cent to close at N129.50, while Lasaco Assurance appreciated by 7.14 per cent to close at 30 kobo, per share.
   

On the other hand, John Holts led the losers’ chart by 9.84 per cent to close at 55 kobo, per share. ETI followed with a decline of 9.55 per cent to close at N8.05, while UACN Property Development Company fell 9.48 to close at N1.05, per share.
   
Neimeth International Pharmaceuticals lost 9.09 per cent to close at 40 kobo, while Livestock Feeds shed 8.51 per cent to close at 43 kobo, per share.


 
The total volume traded increased by 4.1 per cent to 194.8 million shares worth N3.06 billion, traded in 2,910 deals. Transactions in the shares of Guaranty Trust Bank topped the activity chart with 58.49 million shares valued at N1.63 billion.

Access Bank followed with 50.42 million shares worth N385.97 million, while FBN Holdings traded 21.21 million shares valued at N115.19 million.FCMB Group traded 16.78 million shares at N27.83 million, while Transnational Corporation of Nigeria (Transcorp) transacted 7.19 million shares worth N7.34 million