NSE LIVE! Equities lose N156bn as selloff continues

For the fourth consecutive day, Nigerian equities continued on the downtrend as profit-taking transactions by investors seeking to monetise capital gains persisted, despite the underlying bargain-hunting for the 2017 earnings.

With 30 decliners to 21 advancers, average benchmark indices at the Nigerian Stock Exchange (NSE) showed a day-on-day decline of 0.99 per cent, representing a net capital loss of N156 billion. With this, the average year-to-date return dropped to 13.82 per cent.

Aggregate market value of all quoted equities declined from its opening value of N15.760 trillion to close at N15.604 trillion. The All Share Index (ASI)- the common value-based index that tracks share prices at the Exchange, dropped from its opening index of 43,963.40 points to close at 43,529.06 points.

The overall market situation however showed a slowdown in the momentum of profit-taking and improvement in bargain-hunting, as evidenced by the narrowing gap between the advancers and decliners as well as the balance of trades across the sectors. The NSE Industrial Goods Index declined by 2.0 per cent while the NSE Banking Index dropped by 0.4 per cent. Meanwhile, the NSE Consumer Goods Index appreciated by 0.7 per cent. The NSE Oil & Gas Index posted a gain of 0.3 per cent while the NSE Insurance Index closed flat.

Read also: Nigerian Breweries swaps 67.8m shares in N20.6bn dividend deal

Dangote Cement- Nigeria’s largest quoted company, led the decliners with a loss of N8.84 to close at N260.16. Guinness Nigeria followed with a loss of N4.15 to close at N116.10. Stanbic IBTC Holdings dropped by N2.28 to close at N43.72. GlaxoSmithKline Consumer Nigeria declined by N2.02 to close at N18.88. Unilever Nigeria lost N1.50 to close at N44.50 while Guaranty Trust Bank dipped by N1.03 to close at N49.87 per share.

Total turnover stood at 500.85 million shares valued at N6.63 billion in 6,002 deals. The three most active stocks were Transnational Corporation of Nigeria, with 66.40 million shares; Fidelity Bank, 64.69 million shares and Zenith Bank, with a turnover of 54.86 million shares.

On the positive side, Nestle Nigeria- Nigeria’s highest-priced stock, led the advancers with a gain of N25 to close at N1,500. Seplat Petroleum Development Company followed with a gain of N7.58 to close at N692.58. Dangote Sugar Refinery rose by N2.03 to close at N22.01. Flour Mills of Nigeria added 80 kobo to close at N30.80 while FBN Holdings appreciated by 50 kobo to close at N13 per share.

Analysts at FSDH Securities said they expected the market to move from the oversold position in the subsequent trading sessions as investors have started to show buying interest.

 

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