Equities lose N220b as sell-off continues

Nigerian equities reopened yesterday on a negative note as widespread selloffs within the large-cap stocks led the market to a net capital loss of N220 billion.

The All Share Index (ASI)-the main index that tracks share prices at the Nigerian Stock Exchange (NSE) dropped by 602.81 points, representing a loss of 1.71 per cent to close at 37,992.12 points. Aggregate market capitalisation of quoted equities also declined by N220 billion to close at N12.655 trillion.

The downturn was largely due to losses recorded by medium and large capitalised stocks,including Nigerian Breweries, Unilever Nigeria, Guaranty Trust Bank, PZ Cusson Nigeria and Zenith Bank.

Analysts at United Capital noted that “given that the second quarter, 2018 earnings season is closing out, we expect geopolitical events and policy changes to impact more on global equity Indexes.

“We also expect the market to remain largely downbeat in the local market due to a continued absence of bullish triggers,” United Capital stated.

There were two losers for every gainer. Airline Services and Logistics led the 11-stock gainers’ list by 8.99 per cent to close at N4.85 per share. FCMB Groups followed with a gain of 5.88 per cent to close at N1.80, while Regency Insurance appreciated by 4.35 per cent to close at 24 kobo per share.

Also, Skye Bank went up by 4.17 per cent to close at 50 kobo and Lasaco Assurance rose by 3.23 per cent to close at 32 kobo per share.

On the other hand, UAC Property led the 22-stock losers’ list by 8.19 per cent to close at N1.57 per share. Honeywell Flour trailed with a loss of 7.59 per cent to close at N1.46, while Japaul Oil and Maritime Services shed 7.14 per cent to close at 26 kobo per share.

PZ Cussons dipped by 7.12 per cent to close at N13.05, while United Capital went down by 6.62 per cent, to close at N2.82 per share.

Also, total volume traded declined by 41.09 per cent to 220.5 million shares, valued at N3.19 billion, and exchanged in 3,054 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 42.72 million shares valued at N354.78 million. Zenith Bank traded 36.66 million shares worth N34.23 million and Access Bank transacted 32.69 million shares valued at N310.43 million.

Skye Bank followed with 18.32 million shares worth N9.16 million, while FBN Holdings traded 15.58 million shares valued at N151.56 million. Do you get a good […]

Stay in the Know!

Sign up for the latest news and information on African Companies and Economy.

By signing up, you agree to receive MoneyInAfrica offers, promotions and other commercial messages. You may unsubscribe at any time.

Leave a Reply