NSE LIVE! Equities continue slide with N140bn loss

NSE LIVE! Equities continue slide with N140bn loss

NSE LIVE! Equities continue slide with N140bn loss

After losing N542 billion last week, Nigerian equities reopened on Monday with a net loss of N140 billion, extending the profit-taking at the stock market to its sixth consecutive trading session.

With nearly three decliners for every advancer, benchmark indices at the Nigerian Stock Exchange (NSE) indicated average day-on-day decline of 0.90 per cent, representing net capital depreciation of N140 billion. This pared the average year-to-date return for Nigerian equities to 11.75 per cent.

The All Share Index (ASI)-the common value-based index that tracks share prices at the Exchange, dropped from its opening index of 43,127.92 points to close at 42,737.89 points. Aggregate market value of all quoted equities also declined correspondingly from its opening value of N15.477 trillion to close at N15.337 trillion.

All sectoral indices also closed in the red as investors continued a market-wide selloff. The NSE Banking Index led with above-average decline of 3.8 per cent. The NSE Insurance Index followed with above-average drop of 1.1 per cent. The NSE Consumer Goods Index declined by 0.9 per cent. The NSE Industrial Goods Index depreciated by 0.4 per cent while the NSE Oil & Gas Index dipped by 0.2 per cent.

Most analysts however expected the market to regain its rally, citing increasingly attractive valuations from the continuing decline.

“Despite continued sell-offs, we think softening prices increases the likelihood for bargain hunting amid strengthening macroeconomic fundamental,” Cordros Capital stated.

“Although the bearish trend from last week was sustained today (Monday), we expect market performance to be boosted by bargain-hunting in subsequent trading sessions,” Afrinvest Securities- a Lagos-based dealer at the Exchange, stated.

Read also: NSE RoundUp! Nigerian equities lose N542bn amidst global downtrend

Nigerian Breweries led 35 other decliners with a loss of N3.90 to close at N133. Guaranty Trust Bank followed with a drop of N2.40 to close at N45.60. Lafarge Africa declined by N2 to close at N50. Zenith Bank dropped by N1.50 to close at N29.40. Flour Mills of Nigeria declined by N1.10 to close at N31.50. Dangote Sugar Refinery slid by N1.05 to close at N20.70 per share. FBN Holdings dropped by 60 kobo to close at N11.40 while Eterna lost 58 kobo to close at N5.42 per share.

On the upside, Dangote Cement led 12 other advancers with a gain of N5.30 to close at N272. Beta Glass followed with a gain of N3.25 to close at N68.70. PZ Cussons Nigeria appreciated by N1.40 to close at N25.40. GlaxoSmithKline Consumer Nigeria and International Breweries rose by N1 each to close at N21.20 and N60 respectively. UAC of Nigeria chalked up 70 kobo to close at N17.45. Unity Bank rose by 9.0 kobo to close at N1.92. C & I Leasing and UACN Property Development Company gathered 5.0 kobo each to close at N1.90 and N3 respectively while Jaiz Bank inched up by 4.0 kobo to close at N1.09 per share.

Total turnover stood at 517.44 million shares valued at N5.19 billion in 5,852 deals. Skye Bank was the most active stock with a turnover of 73.15 million shares worth N79.16 million. FBN Holdings followed with a turnover of 71.34 million shares value at N815.73 million while Jaiz Bank ranked third with a turnover of 40.57 million shares worth N42.39 million.

RipplesNigeria… without borders, without fears

Click here to join the Ripples Nigeria WhatsApp group for latest update

Join the conversation


About the author

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.

Do NOT follow this link or you will be banned from the site!
/* ]]> */