Enterprise Television- Banking Stocks Lead Losers as Negative Sentiments Persist at Stock Market
The equities market extended its negative performance on Wednesday as more investors took profit. The market has been bearish since Monday on continuing profit taking after the market rose by over 17% in the first two weeks of trading.
However, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) fell by 0.96% to close at 43,963.40, while market capitalisation shed N143 billion to close at N1576 trillion. The decline is however, lower than the 1.16% recorded the previous the day.
Also, the decline of yesterday has brought the year-to-date (YTD) growth to 15 per cent. The depreciation recorded in the share prices of GTBank, FBN Holdings, Access Bank, Zenith Bank and ETI were mainly responsible for the loss.
According to analysts at Cordros Capital, the possibility of continued profit taking remains high.
Our theme on the market remains positive, on the back of favorable macro economic conditions,” they said.
Also commenting on the performance, analysts at FSDH Merchant Bank said market breadth and investor sentiments remained weak as there was continued sell pressure that resulted in a number of stocks on offer
“With the sustained profit taking recorded this week, a rebound in the market is likely as the outlook remains positive,” they added.
43 stocks declined while 11 appreciated.
FCMB Group Plc led the price losers, shedding 9.7%
Diamond Bank Plc trailed with 9.6%
Fidelity Bank Plc went down by 9.5%
. Sterling Bank Plc and Transcorp Plc declined by 9.3%.
Other top price gainers included:
NPF Microfinance Bank Plc, Skye Bank Plc (9.0 each apiece);
Wema Bank Plc (7.7%)
Unity Bank Plc (7.0%).
On the positive side, May & Baker Nigeria Plc led the price gainers with 4.9%
Transexpress with 4.0%
WAPIC Insurance Plc chalked up 3.6%
Cement Company of Northern Nigeria Plc and Learn Africa Plc garnered 3.4%, 2.1% respectively.
Other top price gainers included
Nigerian Breweries Plc(2.0%)
UACN Property Development Company Plc (1.5%)
Vitafoam Nigeria Plc(1.3 %)
PZ Cusson Plc(1.2 %)
Lafarge Africa Plc (1.0%).
Meanwhile, three sectors declined yesterday
led by the NSE Banking Index with 3.1%, followed by NSE Insurance Index shed 1.9 %.
The NSE Oil & Gas Index shed 0.1%.
The NSE Consumer Index and NSE Industrial Goods Index were the gainers recording 0.5 %apiece.
Source : ThisDay