NSE LIVE! Equities in negative as investors await monetary decisions

In from Success Allantee …
Quoted equities reopened yesterday with a tinge of downtrend, carrying over the negative overhang that closed the market on Friday. The market appeared to be trading on a tight mix of caution and optimism as investors await the decisions of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN). The MPC started its two-day meeting yesterday and it’s expected to make public its decisions.
Most pundits expected the apex bank to loosen the Cash Reserve Requirement (CRR) to ease the pressure on banks while sustaining the Monetary Policy Rate and the exchange rate. Investors have shown greater consideration for banking stocks in recent trading sessions in anticipation of the MPC decisions.
The NSE Banking Index outperformed the average market yesterday, the same trend recorded last week. The NSE Banking Index dropped by 0.03 per cent as against average decline of 0.22 per cent indicated by the market’s benchmark index.
The All Share Index (ASI), the value-based index that tracks prices of all quoted equities, slipped by 66.78 basis points to close at 30,265.90 points as against 30,332.68 points recorded as index on board. Aggregate market value of all quoted equities also dropped by N23 billion to close at N10.402 trillion as against opening value of N10.425 trillion.
Apart from the NSE Oil and Gas Index, which inched higher by 0.06 per cent to 331.72 basis points, and the NSE Alternative Securities Market Index that closed unchanged at 1,208.40 basis points, all other indicators depreciated, underlining the spread of the negative sentiments. The NSE Premium Board Index, which tracks the trio of Dangote Cement, FBN Holdings and Zenith Bank, dropped by 0.47 per cent to 1,630.81 basis points. The NSE Main-Board Index and NSE 30 Index dipped by 0.08 per cent and 0.19 per cent to 1,434.35 basis points and 1,378.39 basis points. The NSE Banking Index was little-changed at 327.25 basis points, a 0.03 per cent difference from Friday’s close of 327.25 basis points.
The NSE Insurance Index fell by 0.97 per cent from 139.20 basis points to 138.44 basis points, while the NSE Consumer Goods Index and the NSE Industrial Index shed 0.08 per cent and 0.29 per cent to close at 771.89 basis points and 2,139.97 basis points. The NSE Pension Index, which tracks 40 stocks adjudged suitable for pension investments, dropped 0.21 per cent to close at 945.72 basis points while the NSE Lotus Islamic Index, a ethical index in line with Islamic rules, dropped by 0.18 per cent to 2,103.86 basis points.

Read also: NSE LIVE! Investors chase banking stocks ahead CBN monetary review

There were 16 gainers against 27 losers. UAC of Nigeria led the losers with N1.16 to close at N30.66 per share. Flour Mills of Nigeria followed with a loss of N1.08 to close at N22.54. Guinness Nigeria declined by N1.01 to close at N154 per share. Dangote Cement shed 97 kobo to close at N166.04 while Presco declined by 55 kobo to close at N30.55 per share.
On the upside, Seplat Petroleum Development Company led the gainers by N3 to close at N243 per share. Nigerian Breweries trailed with a gain of 40 kobo to close at N136. E-tranzact advanced by 24 kobo to close at N2.67 per share. Unilever grew by 23 kobo to close at N45.45 and Portland Paints appreciated by 20 kobo to close at N4.31 per share.
Total turnover stood at 175.564 million valued at N1.56 billion in 3,149 deals. Top in volume transacted was Universal Insurance with a total volume of 38 million valued at N19 million. United Bank for Africa came second on the activity chart with 18.81 million shares valued at N78.86 million, while Access Bank traded 18.27 million shares worth N95.12 million. Zenith Bank sold 17 million worth N307.82 million, while Guaranty Trust Bank traded 14.27 million valued at N349.69 million.

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