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NSE LIVE! Equities lose N40bn in opening trades

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NSE LIVE! Equities lose N40bn in opening trades

Nigerian equities reopened this week with a tinge of profit-taking as investors sought to rebalance their portfolios as the month draws to an end.

Benchmark indices at the Nigerian Stock Exchange (NSE) indicated average day-on-day decline of 0.31 per cent, equivalent to net capital depreciation of N40.3 billion.

The All Share Index (ASI)-the benchmark index at the Nigerian equities market, declined from its opening index of 37,365.91 points to close at 37,250.78 points. Aggregate market value of all quoted equities also declined from its opening value of N13.009 trillion to close at N12.973 trillion. The difference between the ASI and market capitalisation was due to the listing of N4 billion shares of Global Spectrum Energy Services Plc at the Exchange. The average year-to-date return thus moderated 38.61 per cent.

The NSE on Monday listed the entire issued share capital of Global Spectrum Energy Services, which lifted the market by N4 billion. a total of 800 million ordinary shares of 50 kobo each were listed at N5 per share.

With 18 advancers and 24 decliners, the negative market situation was due to widespread losses in the banking sector. Most sectoral indices closed positive. The NSE Banking Index dropped by 0.6 while the NSE Industrial Good Index closed flat. On the upside, the NSE Consumer Goods Index rose by 0.3 per cent. The NSE Insurance followed with a gain of 0.2 per cent while the NSE Oil and Gas Index inched up by 0.1 per cent.

Nestle Nigeria led the decliners with a drop of N15 to close at N1,290. Mobil Oil Nigeria followed with a loss of N2.10 to close at N167.90. Guinness Nigeria declined by N2 to close at N100. Stanbic IBTC Holdings lost N1.99 to close at N40 while Flour Mills of Nigeria dropped by N1 to close at N34.

Read also: NSE ROUNDUP! Stock Exchange begins trading on Lafarge Africa’s N132bn rights issue

On the positive side, Nigerian Breweries led the advancers with a gain of N1.10 to close at N131.17. Forte Oil followed with a gain of N1 to close at N41. PZ Cussons Nigeria added 87 kobo to close at N23.87. Dangote Sugar Refinery rose by 57 kobo to close at N17.81 per cent while two other members of the Dangote Group-Nascon Allied Industries and Dangote Flour Mills chalked up 50 kobo and 37 kobo respectively to close at N15.60 and N9.60 respectively.

Total turnover stood at 942.71 million shares valued at N4.78 billion in 3,868 deals. Wapic Insurance was the most active stock with a turnover of 650.54 million shares valued at N325.27 million. Tantalizer followed with 43.81 million shares worth N21.91 million while Fidelity Bank placed third with a turnover of 31.87 million shares worth N53.25 million.

“Following the negative market performance today (Monday), we expect bargain hunting – especially in banking stocks – to buoy market performance in subsequent trading sessions,” Afrinvest Securities stated.

 

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0 Comments

  1. seyi jelili

    November 28, 2017 at 5:42 am

    #40bn is not a small amount of money? I know they will recover their losses next opening

  2. yanju omotodun

    November 28, 2017 at 5:46 am

    In spite of the losses , Nigeria brewery still led gainers chat, na wa o, when will people quit drinking

  3. JOHNSON PETER

    November 28, 2017 at 6:12 am

    Banking stock will neutralise the losses

    • Balarabe musa

      November 28, 2017 at 6:19 am

      You sure?

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