Bulls sustain dominance as index rises further by N4b

Sell-pressure continued on the stock market yesterday, as more blue chips stocks depreciated in price, resulting in further losses in market capitalisation by N46 billion.Yesterday, the All-Share Index (ASI), decreased by 88.13 points, representing a decline of 0.31 per cent to close at 28,546.22 points. Similarly, the overall market capitalisation lost N46 billion to close at N14.921 trillion.The downtrend was impacted by losses recorded in large and medium value stocks, amongst which were; Dangote Cement who led the pack, made great losses, Nigerian Breweries, Conoil, BUA Cement, and Ardova Plc.

Despite the two days decline in the stock market, analysts at Afrinvest Limited said: “We expect the equities market to close the week positive due to strong buying interest.”

However, market breadth closed positive, with 26 gainers versus 17 losers. Eterna recorded the highest price gain of 10 per cent to close at N3.30 per share.

Unilever Nigeria followed with a gain of 9.76 per cent to close at N13.50, while Ecobank Transnational Incorporated rose by 8.57 per cent to close at N4.45, per share.

AXA Mansard Insurance rose 7.18 per cent to close at N1.94, and C & I Leasing appreciated by 5.95 per cent to close at N4.45, per share.

Mutual Benefits Assurance followed with a 8.70 per cent fall to close at 21 kobo, and Cornerstone Insurance shed 8.33 per cent to close at 55 kobo, per share.

Nigerian Breweries lost 7.07 per cent to close at N48.60, while Conoil slipped 5.57 per cent to close at N14.40, per share.

Transactions in the shares of Eterna topped the activity chart with 112.89 million shares valued at N372.533 million.

Zenith Bank followed with 74.232 million shares worth N1.507 billion, and Access Bank traded 57.062 million shares valued at N449.161 million.

FBN Holdings (FBNH) traded 44.401 million shares at N280.997 million, while Fidelity Bank transacted 31.835 million shares worth N66.66 million.