NSE LIVE! Equities in tight trade as high-cap stocks upset rally

In from Success Allantee … .
After two days of consecutive rally, Nigerian equities on Tuesday suffered a reversal as profit-taking transactions on highly capitalised stocks coloured the overall market position.
With 23 gainers to 24 losers and turnover below average, the market traded on a tight stretch as the National Assembly screened the first batch of Ministerial nominees. While some investors opted to take profits on recent transactions, many investors were bargain-hunting for stocks, creating a tight market situation that appeared set to drag the market to almost a flat close. However, losses by highly capitalised stocks such as Dangote Cement, Nigerian Breweries, Guinness Nigeria and Forte Oil upset the balance and dragged the market to the negative.
The All Share Index (ASI)-the value-based common index that tracks prices of all quoted companies, declined by 172.76 points or 0.57 per cent to close at 30,058.40 points as against its opening index of 30,231.16 points. Aggregate market value of all quoted companies on the Nigerian Stock Exchange (NSE) also dropped by N60 billion from N10.390 trillion to close at N10.330 trillion.
Dangote Cement, stock market’s most capitalised stock, recorded the highest loss of N3 to close at N164 per share. Nigerian Breweries, the second most capitalised stock, followed with a loss of N1.44 to close at N136.50. UAC of Nigeria dropped by N1.44 to close at N27.46. Guinness Nigeria lost N1.30 to close at N151.20. PZ Cussons Nigeria and Forte Oil dropped by N1 each to close at N25 and N263.99 respectively. Presco declined by 50 kobo to close at N30.50 while International Breweries lost 30 kobo to close at N170 per share.
Turnover was below average with the exchange of 124.24 million shares valued at N1.38 billion in 2,934 deals. Zenith Bank was the most active stock with a turnover of 13.11 million shares worth N220.24 million in 188 deals. Access Bank placed second on the activity chart with a turnover of 15.53 million shares worth N79.05 million in 145 deals. Fidelity Bank recorded a turnover 14.19 million shares worth N20.84 million in 53 deals.

Read also: NSE appoints financial advisers

Oil and gas stocks led the contrarian stocks with Seplat Petroleum Development Company leading with a gain of N6 to close at N235. Mobil Oil Nigeria followed with a gain of N1.50 to close at N151.50. Okomu Oil Palm rose by N1.40 to close at N29.40. Nestle Nigeria added 67 kobo to close at N830.67. Flour Mills of Nigeria chalked up 63 kobo to close at N22 while Berger Paints rose by 51 kobo to close at N10.90 per share.
“We expect the market to continue to trade sideways while anticipation of third quarter company results is expected to drive near term performance of the market,” analysts at Afrinvest Securities said in post-trading review

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