The bearish run continued on the stock market yesterday, depressing market the indicators further.
Specifically, the Nigerian Stock Exchange (NSE) All-Share Index fell 0.90 per cent to close lower at 37,605.12, following the persisted negative sentiments among investors. The decline for the second day has pushed the year-to-date(ytd) decline of the market to 1.6 per cent.
In all, 28 stocks depreciated, while 13 appreciated. Market analysts attributed the negative performance to losses suffered by heavy counters such as Dangote Cement Plc, Zenith Bank Plc, GTBank Plc, FBN Holdings Plc among others.
However, Jaiz Bank Plc led the price losers with 10 per cent, followed by Omoluabi Mortgage Bank Plc with 9.8 per cent. Cornerstone Insurance Plc shed 9.3 per cent, while May & Baker Nigeria Plc and A.G Leventis Nigeria Plc went down by 8.8 per cent and 6.1 per cent respectively.
Other top price losers included: Fidelity Bank Plc (5.9 per cent); Cadbury Nigeria Plc and Honeywell Flour Mills Plc (5.3 per cent) Flour Mills of Nigeria Plc and Honeywell Flour Mills Plc, which have released their full year results ended March 31, 2018 were also among the price losers.
In its results, Flour Mills of Nigeria Plc grew its revenue by a marginal 3.5 per cent to N542.670 billion, compared with N524.64 billion in 2017. But profit before tax improved from N10.473 billion to N16.546 billion, while profit after tax settled at N13.615 billion in 2018 compared with N8.836 billion in 2016. The board of directors recommended a dividend of 100 kobo per share.
For Honeywell Flour Mills Plc, revenue rose by 34 per cent to N71.476 billion from N53.228 billion in 2017.
However, profit before tax stood at N5.469 billion, compared with N4.872 billion, while it ended with a profit after tax of N4.427 billion as against N4.305 billion. The board recommended a dividend of N476 million, which is six kobo per share and the same paid last year. Despite the announcements of the results, the stocks closed among the price losers yesterday.
On the positive side, Prestige Assurance Plc led with 9.4 per cent as investors went bargain hunting in insurance sector. Royal Exchange Plc trailed with 9.0 per cent, just as Redstar Express Plc and Custodian Investment Plc chalked up 7.4 per cent. Mutual Benefits Assurance Plc and Beta Glass Plc and Unilever Nigeria Plc garnered 5.8 per cent, 4.8 per cent, 4.7 per cent in that order.