ASI records marginal decline

The All Share Index fell marginally at the close of activities on Thursday, shedding 13.69 basis points or 0.07 per cent.Business on the floors of the Exchange had commenced with an ASI of 20,372.92 points, but dropped to 20,359.23 points at the close of activities.Thursdays depreciation makes the third straight decrease recorded since the close of trading on Monday. The market capitalisation of listed equities also declined by N4bn, down from N6.411tn recorded on Wednesday to close at N6.407tn.Two market indicators appreciated in points, while three declined marginally at the close of activities.The NSE-30, NSE Food/Beverage and NSE Oil/Gas indices lost 0.86, 1.61 and 2.96 basis points to close at 908.46, 565.05 and 243.86 points respectively. The NSE Banking and NSE Insurance indices moved up by 0.63 and 1.29 points to close at 288.59 and 151.82 basis points respectively.Describing Thursdays loss as "disturbing," analysts stressed that an intervention in form of new listing by companies on the Exchange was very important and cogent for the survival of the market.Analysts at Meristem Securities Limited said, "Todays (Thursday) loss stretches the down performance beyond our thinking. Ex-Dangote Cements flat performance, the market would have lost 0.09 per cent."However, the index settled at 20,359.23 points after shedding 0.07 per cent. In a similar vein, the aggregate market capitalisation came down to N6.407tn. the weak buying continues but the sell pressure is stronger."The banking sub-sector maintained its lead on the activity chart in terms of volume traded. Investors in the banking sub-sector exchanged 234.66 million shares valued at N1.321bn in 1,809 transactions. Activities in the shares of United Bank for Africa Plc, First Bank of Nigeria Plc and Guaranty Trust Bank Plc drove turnover in the sub-sector.The insurance sub-sector followed next on the chart, as activities on the shares of NEM Insurance Company Nigeria Plc, Aiico Insurance Plc, Guaranty Trust Assurance Plc and Intercontinental Wapic Insurance Plc boosted turnover in the sub-sector on Thursday.A total of 19 stocks appreciated in price, in contrast to 25 that recorded losses.Ikeja Hotel Plc led the price gainers list, rising by 4.98 per cent or 0.15 to close at N3.16 per share.Eterna Oil Plc, on the other hand, led the losers chart, as its stock dropped by five per cent or 0.20 to close at N3.80 per share.
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