Equities continue decline with N121b loss

Equities continue decline with N121b loss

Nigerian equities continued on the decline yesterday, losing N121 billion in the fifth consecutive negative session. With more than three losers for every gainer, the overall market situation indicated continuing selloffs across the sectors.

Benchmark indices at the Nigerian Stock Exchange (NSE) showed a decline of 1.02 per cent, equivalent to net capital depreciation of N121 billion in the five-hour trading session. The decline depressed the average year-to-date return to -0.37 per cent.

The All Share Index (ASI)-the main index that tracks share prices at the Exchange, declined from its opening index of 31,636.66 points to close at 31,313.36 points. Aggregate market value of all quoted equities dropped from its opening value of N11.798 trillion to close at N11.677 trillion.

All sectoral indices also closed negative with the exception of the NSE Industrial Goods Index, which rose by 0.24 per cent. The NSE Banking Index dropped by 2.26 per cent. The NSE Consumer Goods Index dipped by 1.26 per cent. The NSE Insurance Index dropped by 0.51 per cent while the NSE Oil & Gas Index declined by 0.37 per cent.

There were 30 losers against eight gainers. 11, formerly Mobil Oil Nigeria, led the losers with a drop of N5.10 to close at N165. International Breweries followed with a loss of N2.65 to close at N24.05. Guaranty Trust Bank declined by N1.80 to close at N35.50. Dangote Cement and NASCON Allied Industries dropped by N1 each to close at N194 and N20.70 respectively. PZ Cussons Nigeria lost 65 kobo to close at N11 while Dangote Sugar Refinery declined by 55 kobo to close at N14.

On the positive side, Lafarge Africa Plc led the gainers with a gain of 50 kobo to close at N13. UACN Property Development Company and United Capital followed with a gain of 13 kobo each to close at N1.95 and N3.28 respectively. Africa Prudential rallied 12 kobo to close at N4.92. Union Bank of Nigeria added 10 kobo to close at N7 while Law Union and Rock Insurance chalked up 4.0 kobo to close at 56 kobo per share.

Total turnover stood at 219.37 million shares valued at N2.93 billion in 3,345 deals. Banking stocks dominated activities chart. FBN Holdings was the most active stock with a turnover of 60.14 million shares valued at N493.12 million. Zenith Bank followed with 46.46 million shares worth N1.05 billion while Diamond Bank placed third with 14.47 million shares valued at N35.32 million.

Many […]

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