NSE halts bullish run, down by 0.10%

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By Chinyere Joel-Nwokeoma
Lagos, Aug. 27, 2020 The domestic bourse halted its bullish run on Thursday to record first loss in six consecutive trading sessions.

Consequently, market capitalisation shed N13 billion to close N13.201 trillion against N13.214 trillion achieved on Wednesday.

Also, the All-Share Index lost 25.85 points or 0.10 per cent to close at 25,304.25 in contrast with 25,330.10 recorded on Wednesday.

Accordingly, Month-to-Date gain moderated to +2.5 per cent while the Year-to-Date loss increased to -5.7 per cent.

The downturn was impacted by loses recorded in large and medium capitalised stocks, amongst which are; Dangote Cement, Fidson, Lafarge Africa, Access Bank and Zenith Bank.

On market performance, analysts at Afrinvest Limited said “Following six day consecutive bullish streak, the profit-taking seen today was expected.”

However, they stated that the equities market will close the week on a bullish note.

Market breadth closed negative with 11 gainers in contrast with 19 losers.

Consolidated Hallmark Insurance led the losers’ chart in percentage terms, dropping by 8.11 per cent to close at 34k per share.

Fidson followed with a loss of 7.25 per cent to close at N3.71, while Lasaco Assurance dipped 6.06 per cent to close at 31k per share.

Livestock Feeds dropped 4.76 per cent to close at 60k, while Chams shed 4.55 per cent to close at 21k per share.

On the other hand, May and Baker dominated the gainers’ chart in percentage terms, gaining 9.89 per cent to close at N3 per share.

University Press came second with 9.40 per cent to close at N1.63, while AXA Mansard Insurance garnered 6.36 per cent to close at N1.84 per share.

Jaiz Bank increased by five per cent to close at 63k, while Nigerian Breweries appreciated by 2.78 per cent to close at N37 per share.

However, the total volume of shares transacted rose by 39.04 per cent with an exchange of 251.29 million shares worth N1.58 billion traded in 2,954 deals.

This was against a turnover of 180.73 million shares valued at N1.36 billion traded in 3,411 deals on Wednesday.

Transactions in the shares of UAC of Nigeria topped the activity chart with 111.872 million shares valued at N643.188 million.

United Bank for Africa sold 24.97 million shares worth N159.48 million, while FBN Holdings accounted for 20.89 million shares valued at N104.54 million.

Access Bank traded 13.93 million shares worth N87.47 million, while Transcorp transacted 7.91 million shares valued at N4.55 million.

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