Bears dominate NSE as investors lose N136bn in five hours

The bears at the Nigerian Stock Exchange (NSE) continued to dominate on the fifth trading days in 2019.

The All-Share Index, which opened at 30,400.28, shed 364.13 points and market capitalisation lost N136 billion to close at N11.200 trillion compared with N11.336 trillion achieved on Monday.

Analysts at Cordros Capital predicted that the equities market would remain on a negative outlook in the short to medium term.

“We reiterate our negative outlook for the equities market in the short to medium term, amidst political concerns ahead of the 2019 elections, and the absence of a positive market trigger,” they said.

“However, positive macroeconomic fundamentals remain supportive of recovery in the long term.”

A breakdown of the price movement showed that 28 stocks recorded a decline while 12 equities posted price appreciation.

Forte Oil led the laggards’ table with a loss of N2.30 to close at N26.55 per share.

Presco trailed with N2 to close at N62, while Guaranty Trust Bank declined by N1.85 to close at N32 per share.

Flour Mills was down by N1.70 to close at N18, while Zenith Bank dipped N1 to close at N20.30 per share.

On the other hand, Okomu Oil Palm led the gainers’ table, gaining N6.15 to close at N83.75 per share.

Nigerian Breweries followed with a gain of 40k to close at N78.90, while Lafarge Africa added 35k to close at N11.70 per share.

Union Bank of Nigeria increased by 20k to close at N6, while Julius Berger grew by 20k to close at N23.50 per share.