The Nigerian All-Share Index (ASI) dropped by 0.33% yesterday, losing 326.40 points and ending at 98,232.39. Trading volume also fell by 27%, going from 586 million to 425 million shares.
Notably, a significant part of the losses was mitigated by large increases in INTBREW and MEYER, which advanced by 9.98% and 9.93%%. In a more general sense, ELLAHLAKES led the losers’ count with a decline of 9.93% followed by CAVERTON and ABCTRANS, which fell by 9.92 and 9.57 percent respectively.
The market recorded 11,954 transactions with UBA taking the lead on the volume of shares traded at 108.02 million shares and followed by ZENITH BANK with 35.17 million shares traded. Other notable trades included VERITAS KAP at 30.58 million shares, ELLAH LAKES at 21.61 million shares, and REGALINS which experienced 190.8 million shares traded.
In terms of trading value, UBA was the leading company with total business amounting to N3.01 billion worth of shares, while ZENITH BANK did N1.32 billion business. Also significant were OANDO which did N934.85 million worth of transactions, MTNN at N338.18 million and ACCESSCORP which was able to raise N318.80 million.
The performance of the FUGAZ group was mixed, as FBN Holdings (FBNH), United Bank for Africa (UBA), GTCO, and Access Bank (ACCESSCORP) all ended the day in the negative, with losses of 4.44%, 4.59%, 0.31% and 4.13%, respectively. On the contrary, Zenith Bank (ZENITHBANK) closed unchanged.
Analysts fear that this will not be the case due to the continued correction expected after the low of August, owing to the encouraging conditions prevailing in the oil, gas and banking sectors. Since the beginning of the year, the Nigerian All share Index has gone up by 31.37%
