NSE LIVE! Equities’ decline worsens as investors lose N158b

The value of loss and the momentum of the sell off increased on Wednesday at the Nigerian Stock Exchange (NSE) as investors opted to use open market orders to close their transactions in a low market, resulting in losses in most transactions.

With 27 losers to 13 gainers, the overall market situation at the Nigerian stock market on Wednesday was overtly negative as the sell offs spread from highly capitalised stocks to mid and low-cap stocks. Aggregate market value of all quoted equities at the NSE dropped by N158 billion on Wednesday, showing a worsening downtrend than Tuesday when it lost N108 billion.

Aggregate market value of all quoted equities dropped from its opening value of N8.431 trillion to close at N8.273 trillion. The All Share Index (ASI)-the value-based index that tracks prices of all quoted equities, dropped from its opening index of 24,514.91 points to close at 24,056.12 points, representing average decline of 1.87 per cent.

Read also: NSE LIVE! Equities lose N108b as high-cap stocks dwindle

The sustained decline in the past two days has built the negative average year to date return to -16.01 points. Sectoral indices showed widespread declines across the sectors. The NSE Industrial Goods Index recorded above-average decline of 2.3 per cent. The NSE Consumer Goods Index dropped by 1.8 per cent while the NSE Banking Index slipped by 0.9 per cent. However, the NSE Oil & Gas Index improved by 0.7 per cent while the NSE Insurance Index inched up by 0.1 per cent.

“As observed in the last two trading sessions, we are of the view that the market may further shed points in sessions ahead as active traders take profit following 6 days of consecutive gains. Nonetheless, we expect full year earnings declarations to also drive performance in the interim,” Afrinvest Securities stated in Lagos.

Nestle Nigeria, NSE’s highest-priced stock, led the losers with a loss of N17 to close at N650. Dangote Cement, the most capitalised stock, followed with a loss of N6.17 to close at N139.83. Guinness Nigeria dropped by N5.38 to close at N115.42. Unilever Nigeria lost N1.47 to close at N27.98. Ashaka Cement dropped by N1 to close at N24. Nigerian Breweries declined by 95 kobo to close at N95.08. Northern Nigeria Flour Mills lost 70 kobo to close at N6.65. Guaranty Trust Bank slipped by 48 kobo to close at N16.18. Zenith Bank lost 19 kobo to close at N11.40 while Oando dropped by 18 kobo to close at N3.60.

On the positive side, Seplat Petroleum Development Company rose by N13.06 to close at N274.37. Ecobank Transnational Incorporated added 25 kobo to close at N15. Nigerian Aviation Handling Company gathered 17 kobo to close at N3.70 per share. Stanbic IBTC Holdings rallied 15 kobo to close at N14.15 while NPF Microfinance Bank chalked up 5.0 kobo to close at N1.08 per share.

Total turnover stood at 335.6 million shares worth N1.95 billion in 2,848 deals. Resort Savings and Loans was the most active stock with a turnover of 108 million valued at N54 million. United Bank for Africa (UBA) followed with a turnover of 82.76 million valued at N248.37 million while FCMB Group placed third with a turnover of 24.92 million shares valued at N21.81 million.

 

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