For the third consecutive trading session, Nigerian equities continued on the downtrend on Tuesday as more investors sought to monetize their shareholdings, piling pressure on the tight demand situation at the stock market.
With most investors willing to sell at available prices, the stock market on Tuesday turned into a largely buyer’s market, with buying investors dictating the prices. This consequently impacted share prices of most traded equities, shaving off N70 billion from the market value of all quoted shares.
Aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) declined from its opening value of N9.518 trillion to close at N9.448 trillion. The All Share Index (ASI), the value-based common index that tracks prices at the NSE, also dropped from 27,707.12 points to close at 27,503.81 points, representing a day-on-day average decline of 0.73 per cent. Average year-to-date return now stands at -3.97 per cent.
Sectoral and group indices also underscored the broad selling pressure that dictated the pricing trend on Tuesday. The NSE Banking Index dropped by 1.3 per cent. The NSE Oil & Gas Index declined by 1.0 per cent. The NSE Industrial Goods Index dipped by 0.7 per cent. The NSE Consumer Goods Index slipped by 0.04 per cent while the NSE Insurance Index closed flat.
Forte Oil led the 25-stock losers’ list with a loss of N5 to close at N172. Dangote Cement followed with a loss of N2 to close at N173. Total Nigeria declined by 90 kobo to close at N241. Cadbury Nigeria dropped by 60 kobo to close at N14. Zenith Bank declined by 35 kobo to close at N14.60. Access Bank lost 29 kobo to close at N5.41. Union Bank of Nigeria dropped by 21 kobo to N3.99. PZ Cussons Nigeria declined by 17 kobo to close at N17.60. Portland Paints Products Nigeria dropped by 16 kobo to close at N1.60 while African Prudential Registrars lost 12 kobo to close at N2.37 per share.
Turnover was below recent average with the exchange of 176.77million shares valued at N1.89 billion in 3,682 deals. Banking stocks continued to dominate the top activities chart. Guaranty Trust Bank was the most active stock with a turnover of 31.30 million shares valued at N845.05 million. Ecobank Transnational Incorporated followed with 31.04 million shares worth N350.86 million while Access Bank placed third with 17.24 million shares valued at N93.14 million.
On the positive side, UAC of Nigeria led nine other contrarian stocks with a gain of N1 to close at N21.50. Guinness Nigeria followed with a gain of 47 kobo to close at N95.97. Nascon Allied Industries rose by 9.0 kobo to close at N8.10. Dangote Sugar Refinery and Eterna added 6.0 kobo each to close at N6.56 and N2.80 while May & Baker Nigeria and United Bank for Africa inched up by 2.0 kobo each to close at 87 kobo and N4.52 respectively.
“Performance in the market is likely to stay soft in the absence of cheery news but we believe sustained sell pressure may trigger bargain hunting in the short term,” analysts at Afrinvest Securities stated.
RipplesNigeria …without borders, without fears
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: Poorly executed classroom projects force children out of school in Niger State
Once a vibrant hub of learning for pupils, Kodo Primary School now resonates a stark contrast to its former days...
SPECIAL REPORT: Shell’s inaccurate data raises questions around efforts to control methane emissions in Nigeria
Much worse for the environment than carbon dioxide, despite global efforts to control methane, emissions continue soaring. With over a...
FEATURE…Missing Rig Workers: Tragedy, Injustice and the Depthwize cabal
The serene landscape of Ovhor in Delta State bore witness to a disaster that shook the nation’s conscience. The capsize...
FEATURE… In the shadow of kidnappers: The story of Nigeria’s albatross
For decades, Nigeria has been grappling with a problem that has threatened the safety and stability of its people: kidnapping....
FEATURE: The falling standard of education in Nigeria today: Whose Fault?
Over the years, education has proven to be the fulcrum facilitating national development in any state. Through education, knowledge is...