Nigerian equities lose N234bn as selloff worsens

Transactions at the Nigerian Stock Exchange (NSE) on Thursday were dominated by profit-taking sentiment as investors appeared to be opting for monetisation of capital gains than waiting for dividend payment.

With more than two decliners for every advancer, benchmark indices at the equities market indicated average day-on-day decline of 1.53 per cent, equivalent to net capital loss of N234 billion. This depressed the average year-to-date return to 10.31 per cent.

The All Share Index (ASI)-the value-based common index that tracks share prices at the Exchange, declined from its opening index of 42,839.52 points to close at 42,185.38 points. Aggregate market value of all quoted equities also dropped from its opening value of N15.325 trillion to close at N15.091 trillion.

Nearly all sectoral indices closed negative with the exception of the NSE Consumer Goods Index, which recorded a marginal gain of 0.25 per cent. The NSE Banking Index declined by 3.1 per cent. The NSE Oil and Gas Index dropped by 1.9 per cent. The NSE Industrial Goods Index dipped by 1.3 per cent while the NSE Insurance Index slipped by 0.8 per cent.

There were 39 decliners against 15 advancers. Oil and gas stocks dominated the top decliners’ list. Seplat Petroleum Development Company dropped by N17.50 to close at N767.50. 11, formerly Mobil Oil Nigeria, followed with a loss of N7.40 to close at N176.30. Dangote Cement dropped by N6.20 to close at N262.60. Unilever Nigeria lost N4.90 to close at N52.90. Conoil dropped by N1.75 to close at N33.45. Guaranty Trust Bank declined by N1.65 to close at N45.65. Zenith Bank lost N1.15 to close at N28.75 per share. Cement Company of Northern Nigeria lost 95 kobo to close at N18.25. Access Bank declined by 55 kobo to close at N11.80 while Dangote Flour Mills dropped by 40 kobo to close at N16 per share.

Total turnover stood at 404.66 million shares valued at N6.03 billion in 5,403 deals. Zenith Bank was the most active stock with a turnover of 66.95 million shares valued at N1.94 billion.

Meanwhile, Nestle Nigeria-Nigeria’s highest-priced stock led thecontrarian stocks with a gain of N15 to close at N1,395. Nigerian Breweries followed with a gain of N2.10 to close at N133. Dangote Sugar Refinery added 80 kobo to close at N22. Stanbic IBTC Holdings rose by 65 kobo to close at N49.80. NPF Microfinance Bank appreciated by 18 kobo to close at N2.02 per share while UAC of Nigeria, Nigerian Aviation Handling Company and FBN Holdings chalked up 10 kobo each to close at N18.05, N3.95 and N11.40 respectively.

“Despite the decline recorded today (Thursday), we maintain our expectation for a rebound in market performance as we anticipate bargain hunting in blue chip stocks currently on a losing streak,” Afrinvest Securities stated.

“Market outlook remains positive with the possibility of a rebound as investors take advantage of low valuations,” FSDH Securities-a member of FSDH Merchant Bank Group, stated in a post-trading investment note.

 

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