NSE LIVE! Average return on equities’ worsens to -10.62%

The average year-to-date return at the Nigerian stock market worsened to -10.62 per cent on Thursday after five consecutive negative trading sessions brought several equities to their lowest prices in recent period. With inflation rising to 18.33 per cent, the continuing price depreciation at the stock market has compounded the losses of investors, forcing many to seek some level of shelter in the fixed-income market.

With the decline on Thursday, inflation-adjusted return for the stock market mounted to -28.95 per cent. In their fifth consecutive negative trading session, quoted equities recorded average day-on-day decline of 0.21 per cent, equivalent to a loss of N18 billion on Thursday. While the gap between the gainers and losers narrowed, the underlying sentiments remained largely negative with 24 decliners to 14 advancers.

Aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) dropped from N8.831 trillion to close at N8.813 trillion. The All Share Index (ASI), the value-based index that tracks prices at the Exchange, also declined from 25,653.14 points to close at 25,599.79 points.

Read also: NSE LIVE! Equities hit new low as selloff worsens

Sectoral indices also showed a largely negative trend. The NSE Oil & Gas Index dropped by 1.6 per cent. The NSE Consumer Goods Index declined by 0.3 per cent while the NSE Industrial Goods Index declined by 0.2 per cent. However, the NSE Insurance Index appreciated by 0.5 per cent while the NSE Banking Index rose by 0.2 per cent.

Total Nigeria led the losers with a loss of N13.97 to close at N276.03. Forte Oil dropped by N4.35 to close at N82.67. CAP declined by N1.68 to close at N32.07. Nigerian Breweries dropped by 84 kobo to close at N141.19. GlaxoSmithKline Consumer Nigeria dropped by 71 kobo to N13.54 while Cadbury Nigeria declined by 52 kobo to N10.05.

Total turnover stood at 161.59 million shares valued at N1.19 billion in 2,086 deals. Guaranty Trust Bank was the most active stock with a turnover of 29.18 million shares valued at N627.33 million.

Market analysts attributed the decline to intense selling pressure due to the tough macroeconomic environment as institutional and individual investors seek to dispose assets to bridge financing gaps.

On the positive side, Nascon Allied Industries recorded the highest gain of 37 kobo to close at N7.88. Ecobank Transnational Incorporated followed with a gain of 29 kobo to close at N10. Access Bank rose by 10 kobo to N5.50 while Oando chalked up 8.0 kobo to close at N3.78 per share.

 

 

 

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