NSE: Bears take hold of market after Easter holidays with 0.03% loss 

Trading on the Nigerian Stock Exchange (NSE) resumed after the Easter holidays on Tuesday with a loss of 0.03 per cent. Specifically, the All-Share Index shed 10.31 points or 0.03 per cent to close at 30,076.00 compared with 30,086.31 recorded on Thursday.

However, the market capitalisation rose by N2 billion to close at N11.303 trillion against N11.301 trillion on Thursday. The growth posted by the market capitalisation was as a result of the listing of Skyway Aviation Handling Company (SAHCOL). The company listed by Initial Public Offering (IPO) a total of 1.354 billion ordinary shares at a listing price of N4.65 per share. The listing added N6.29 billion to the market capitalisation of the Exchange, further deepening the Nigerian capital market.

The News Agency of Nigeria (NAN ) reports that performance was influenced by price depreciation in medium and large capitalised stocks, among which are, Guinness, Unilever, Forte Oil, Nigerian Breweries and Guaranty Trust Bank. Analysts at Afrinvest Limited said: “In the near term, we anticipate that corporate earnings will have a significant impact in the domestic bourse as investors will continue to take position in attractive stocks ahead of earnings expectations.”

However, market breadth closed positive with 20 gainers against 17 losers. Japaul Oil & Maritime Services recorded the highest price gain of 10 per cent, to close at 22k per share. Dangote Flour Mills followed with a gain of 9.81 per cent, to close at N11.75, while First Aluminium Nigeria rose by 9.76 per cent to close at 45k, per share.

Vitafoam Nigeria appreciated by 9.71 per cent to close at N3.84, while Trans Nationwide Express went up by 9.46 per cent to close at 81k, per share. On the other hand, Guinness led the losers’ chart by 10 per cent, to close at N54, per share. Forte Oil followed with a decline 9.83 per cent to close at N24.30, while Unilever declined by 8.82 per cent to close at N31, per share.

Custodian Investment declined by 5.51 per cent to close at N6, while NPF Microfinance Bank down by 5.44 per cent, to close at N1.39, per share. In spite of the drop in index, total volume traded went up by 39.3 per cent with an exchange of 316.12 million units, valued at N3.65 billion traded in 3,888 deals. This was in contrast with 226.98 million shares worth N1.74 billion achieved in 3,399 deals on Thursday.