NSE All-Share Index Sheds 0.31% on Sustained Profit Taking

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The equities market recorded another slide yesterday as profit taking persisted after a 12-day rally was halted on Wednesday. The Nigerian Stock Exchange (NSE) All-Share Index (ASI) depreciated by 0.31 per cent to close at 28,546.22, while market capitalisation shed N46.1 billion to be at N14.9 trillion.

The negative performance was driven by price depreciation in Dangote Cement Plc, Nigerian Breweries Plc and BUA Cement Plc. However, in terms of price gainers, more stocks appreciated as 26 stocks appreciated while 17 stocks depreciated.

Deap Capital led the price losers with 10 per cent, trailed by Mutual Benefit Assurance Plc with 8.7 per cent. Cornerstone Insurance Plc shed 8.3 per cent, while Nigerian Breweries Plc and Conoil Plc lost 7.0 per cent and 5.5 per cent respectively.

On the other hand, Eterna Plc led the price gainers with 10 per cent followed by Unilever Nigeria Plc with 9.7 per cent. Ecobank Transnational Incorporated added 8.5 per cent, just as AXA Mansard Insurance Plc added 7.1 per cent.

C & I Leasing Plc chalked up 5.9 per cent. Shareholders of C & I Leasing Plc are to meet soon to authorise the board to convert to convert $10 million loan stock of Neoma Africa Fund, L.L.C (formerly Aureos Africa Fund L.L.C.) to 987.500 million ordinary shares of the company. The shareholders will also authorise the Board of Directors to issue and allot 987.500 million shares to Neoma Africa Fund, L.L.C. It is expected that the conversion will impact positively on the operations of C & I Leasing Plc because it will boost its capital and access to funding for improved earnings.

FCMB Group Plc was also among the price gainers, garnering 5.9 per cent, just as WAPIC Insurance Plc and UACN Property Development Company Plc appreciated by 5.9 per cent and 5.1 per cent in that order.

Meanwhile, activity level waned as volume and value traded fell by 31.6 per cent and 48.5 per cent to 569.4 million shares and N4.9 billion respectively. The most traded stocks by volume were Eterna Plc (112.9 million shares), Zenith Bank Plc (74.2 million shares) and Access Bank Plc (57.1 million shares) while Zenith Bank Plc (N1.5 billion), Guaranty Trust Bank Plc (N578.7 million) and Access Bank Plc (N449.2 million) led by value.

Performance across sectors was mixed as three of five indices under our coverage gained. The NSE Banking Index and NSE Insurance Index gained the most, up 2.9 per cent and 1.3 per cent respectively.


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