NSE LIVE! Equities lose N61b as downtrend persists

In from Success Allantee . . .
The recent spike of downtrend at the Nigerian stock market entered the sixth consecutive trading session yesterday with quoted equities losing N61 billion to bring total loss in the past three trading sessions to N211 billion.
The two main indices at the Nigerian Stock Exchange (NSE)-the All Share Index (ASI) and aggregate market value of all quoted equities, dropped correspondingly by 0.60 per cent, underlining the fact that price depreciation was the main reason for the loss recorded by the market.
With 33 losers to 11 gainers, aggregate market value of all quoted equities dropped to N10.103 trillion from its opening value of N10.164 trillion. The ASI- a value-based index that tracks prices of all quoted equities, also declined from its opening index of 29,572.90 points to close at 29,396.31 points. With this, the negative average year-to-date return worsened to -15.18 per cent.
All group indices closed in the red, with the exception of the NSE Insurance Index which recorded a marginal gain of 0.1 per cent. The NSE Banking Index dropped by 1.1% . The NSE Oil & Gas Index lost 1.0%. The NSE Industrial Goods Index dropped by 0.6 per cent while the NSE Consumer Goods Index declined by 0.5 percent.
“The declining market breadth suggests selling pressure may persist in the short term. The weak earnings result by bellwether stocks in the banking, consumer goods and oil and gas sectors and regulatory sanctions placed on some banks seem to have weakened the confidence of domestic investors,” Afrinvest Securities stated in post-trading review.

Read also: NSE LIVE! Equities hit six-month low as average return worsens to -14.67%

According to analysts, domestic foreign exchange uncertainty has also kept foreign investors on the sideline.
“Despite the bargain hunting opportunity evident in the market, we urge short term investors to remain cautious as we do not anticipate any short term drivers of equities,” Afrinvest Securities noted.
Guinness Nigeria topped the losers’ list with a loss of N6.75 to close at N128.34. Lafarge Africa followed with a drop of N2.20 to close at N95.80. Stanbic IBTC Holdings declined by N1.56 to close at N19.20. Oando lost 78 kobo to close at N7.35 while International Breweries declined by 51 kobo to close at N16.
Aggregate turnover stood at 386.28 million shares valued at N1.91 billion in 2,923 deals. Sterling Bank was the most active, in volume terms, with a turnover of 253.91 million shares worth N495.14 million. Zenith Bank occupied a distant second position on the activity chart with a turnover of 20.3 million shares worth N354.9 million.
On the upside, Seplat Petroleum Development Company led the gainers with a gain of N3 to close at N238. Dangote Cement followed with a gain of N1.50 to close at N165. Ashaka Cement gathered 90 kobo to close at N23. Cadbury Nigeria rose by 15 kobo to close at N20.15 while Fidson Healthcare chalked up 10 kobo to close at N3.10 per share.

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