NSE LIVE! Equities continue slide with N45bn loss
The downtrend at the Nigerian stock market continued on Tuesday as selloffs on large-cap stocks in the influential industrial goods and oil and gas sectors worsened the generally negative underlying sentiments at the equities market.
In third successive negative trading session, the main indices at the stock market showed an average day-on-day decline of 0.50 per cent on Tuesday, equivalent to a net capital loss of N45 billion. With 19 losers to nine gainers, the continuing downtrend pushed the negative average year-to-date return to -9.72 per cent.
Aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) dropped from its opening value of N8.946 trillion to close at N8.901 trillion. The All Share Index (ASI), the value-based common index that tracks prices at the NSE, also declined from 25,986.81 points to close at 25,857.06 points.
The downtrend was orchestrated by losses recorded by highly capitalised stocks in the industrial goods and oil and gas sectors. The NSE Industrial Goods Index dropped by 4.1 per cent. The NSE Oil & Gas Index slipped by 0.4 per cent while the NSE Insurance Index declined by 1.0 per cent. However, the NSE Banking Index appreciated by 1.3 per cent while the NSE Consumer Goods Index inched up by 0.02 per cent.
Read also: NSE LIVE! Equities’ return worsens as inflation rises
Lafarge Africa led the losers with a loss of N4 to close at N44. Dangote Cement followed with a loss of N2.50 to close at N161.50. Conoil declined by N1.79 to close at N34.11. International Breweries dropped by 89 kobo to close at N19. Forte Oil lost 32 kobo to close at N94. Oando declined by 20 kobo to close at N3.89 while Zenith Bank dropped by 12 kobo to close at N14.38.
On the upside, Mobil Oil Nigeria led the gainers list with a gain of N5 to close at N195. Guaranty Trust Bank followed with a gain of 90 kobo to close at N21.90. Nascon Allied Industries rose by 35 kobo to N7.53. Nigerian Breweries added 31 kobo to close at N142.31 while Custodian and Allied Industries chalked up 18 kobo to close at N3.81 per share.
Total turnover stood at 189.72 million shares valued at N905 million in 2,417 deals. Standard Alliance Insurance was the most active stock with a turnover of 95 million shares worth N47.5 million. United Capital followed with 11.33 million shares valued at N28.1 million while FBN Holdings placed third with 11.23 million shares valued at N34.36 million.
“As investor sentiments remain weak, we expect the current downtrend to persist. Nevertheless, in the interim, we believe strategic bargain hunting positions can be taken in fundamentally sound stocks,” Afrinvest Securities, a Lagos-based trader at the stock market, stated.
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