The long bearish trend on the Nigerian Stock Exchange (NSE) seems to be moderating, as the crucial market indicators dropped marginally by 0.02 per cent on Thursday.
The News Agency of Nigeria (NAN) reports that as a result the All Share Index dropped 7.41 points or 0.02 per cent to close at 29,765.31 compared with 29,772.72 recorded on Wednesday.
Similarly, the market capitalization, which opened at N13.120 trillion shed N3 billion or 0.02 per cent, closing at N13.117 trillion against N13.120 trillion on Wednesday.
NAN reports that bearish performance was influenced by price depreciations in medium and large capitalised stocks, among which are Forte Oil, MTN Nigeria, CI Leasing, Stanbic IBTC Holdings and Zenith Bank.
Analysts at Afrinvest Limited said that they expected investors to cautiously take positions in fundamentally sound stocks, which were trading at attractive prices and offering high dividend yields as H1 earnings season approached.
Lafarge Africa topped the gainers’ chart by 9.95 per cent to close at N10.50 per share.
Linkage Assurance followed with a growth of 8.93 per cent to close at 61k, while Thomas Wyatt Nigeria rose by 8.82 per cent to close at 37k per share.
AXA Mansard Insurance grew by 8.38 per cent to close at N1.94, while NEM Insurance gained 8.16 per cent to close at N2.65 per share.
Conversely, C&I Leasing led the losers’ chart by 10 per cent to close at N5.67 per share.
Forte Oil followed by declining 9.96 per cent to close at N31.20, while Wapic Insurance dipped by 8.89 per cent to close at 41k per share.
Courteville Business Solutions went down by 8.70 per cent to close at 21k, while Neimeth International Pharmaceuticals depreciated by 7.14 per cent to close at 52k per share.
However, the volume and value of shares traded closed lower as investors bought and sold 275.49 million shares worth N3.91 billion in 3,977 deals.
This is against the 1.23 billion shares valued at N67.89 billion shares exchanged in 3,441 deals on Wednesday.
Sterling Bank dominated trading activities, accounting for 54.96 million shares valued at N131.91 million.
Lafarge Africa came second with 32.44 million shares worth N340.63 million, while Access Bank traded 26.93 million shares valued at N185.11 million.
Guaranty Trust Bank sold 25.84 million shares worth N801.3 million, while Zenith Bank accounted for 19.87 million shares valued at N398.9 million.