NSE LIVE! Equities continue downslide with N43b loss

The downtrend that started the equities market this week continued into the second trading sessions as speculative transactions and profit-taking by investors worsened the overall market situation. Against the background of a marginal loss of N12 billion on Monday, the market recorded net loss of N43 billion on Tuesday.

Aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) dropped from N9.479 trillion to close at N9.436 trillion, representing a loss of N43 billion.

The All Share Index (ASI)-a value-based common index that tracks prices of all quoted equities on the NSE, declined further by 0.45 per cent to close at 27,475.48 points as against its opening index of 27,598.54 points. The sustained downtrend built the average year-to-date return to -4.07 per cent.

Sectoral analysis showed a largely negative market. The NSE Banking Index dropped by 1.3 per cent. The NSE Industrial Index slipped by 0.3 per cent while the NSE Consumer Goods Index declined by 0.1 per cent. However, the NSE Oil and Gas Index appreciated by 1.4 per cent while the NSE Insurance Index also rose by 0.1 per cent.

With 17 losers to 16 gainers, the negative market situation was compounded by losses suffered by several highly capitalised stocks. Cadbury Nigeria led the losers with a loss of N1.02 to close at N19.48. Dangote Cement, NSE’s most capitalised stock, followed with a loss of N1.01 to close at N169.99. Nigerian Breweries, NSE’s second most capitalised stock, declined by 61 kobo to close at N136.53. United Bank for Africa (UBA) lost 45 kobo to close at N4.25. Access Bank dropped by 26 kobo to N5.30 while Nascon Allied Industries lost 18 kobo to close at N8.20.

Read Also : NSE LIVE! Equities open with marginal decline

Turnover stood at 183.23 million shares valued at N2.01 billion in 3,488 deals. Investors remained focused on low-priced banking stocks as dividend yields became major consideration in the down market. UBA was the most active stock with a turnover of 40.56 million shares valued at N173.86 million. FBN Holdings followed with a turnover of 28.12 million shares worth N106.26 million while Access Bank recorded a turnover of 17.77 million shares valued at N94.56 million.

Analysts at Afrinvest Securities stated that market performance was being dictated by short term speculative positioning.

“We expect the bearish sentiment to continue tomorrow. However, the market may swing positive towards the end of the week,” Afrinvest Securities stated.

On the positive side, Seven-Up Bottling Company recorded the highest gain of N3.90 to close at N142.40. Total Nigeria followed with a gain of N2.82 to close at N165.37. Guinness Nigeria rose by 95 kobo to close at N100. Oando added 62 kobo to close at N6.72 while Berger Paints chalked up 20 kobo to close at N7.75 per share.

 

 

 

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