The bears, yesterday, upstaged the bulls on the Nigerian Stock Exchange (NSE), following share price losses incurred by most blue chip companies, resulting to a slide in market indices by 0.3 per cent.
Specifically, at the close of trading yesterday, 29 stocks recorded price appreciation, while 38 depreciated in price thus causing price losers to outweigh gains. Precisely, market capitalisation fell by N17 billion or 0.3 per cent from N4.907 trillion to N4.890 trillion, while the All-share index, which measures the performance of the companies, slid by 70.23 points or 0.3 per cent from 20,628.92 to 20,558.69.
Analysts attributed the swing in market performance to continous offloading of shares by investors for the yuletide period. Further analysis of yesterday's transaction showed that BOC Gases Nigeria Plc topped the day's losers' table with 70 kobo to close at N13.48 per share, while Zenith Bank Plc followed with 50 kobo to close at N13.00 per share.
Dangote Flour Mill Plc, Benue Cement Company, Portland Paint Plc, First City Monument Bank Plc featured with 40 kobo, 40 kobo, 31 kobo and 25 kobo to close at N8.07, N43.00, N5.96 and N7.25.
Nigerian Aviation Handling Company Plc, UPL Plc, Constain West Africa Plc, AG Leventis Plc, Access Bank Plc, International Breweries Plc, Guaranty Assurance Plc, Oceanic Bank Plc, Plantanum Bank Plc also lost 25 kobo, 23 kobo, 18 kobo, 13 kobo, 11 kobo, nine kobo, nine kobo, seven kobo, seven kobo and six kobo, to close at N7.35, N4.52, N3.47, N2.60, N7.38, N2.02, N1.79, N1.46, N1.33 and N1.50 per share respectively.
On the gainers indices, West Africa Portland Company Plc, Longman Plc, Ashaka Cement Plc, Vitafoam Plc, UBN Plc and Prestige Assurance Plc, added 46 kobo, 43 kobo, 30 kobo, 26 kobo, 25 kobo, 20 kobo and 19 kobo to close at N29.00, N9.41, N12.00, N5.46, N5.44, N4.20 and N4.09 per share respectively.
The banking sub-sector maintained its dominance in volume terms with 159.6 million shares worth N1.1 billion in 2,930 deals, while the insurance sub-sector followed with 109.2 million units valued at N164.2 million in 436 deals.