NSE LIVE! Equities lose N89bn in 2017 opening trades
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NSE LIVE! Equities lose N89bn in 2017 opening trades

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NSE LIVE! Equities lose N89bn in 2017 opening trades

The Nigerian stock market reopened on Tuesday for the 2017 business year with a wide selloff amidst profit-taking transactions after the equities market rallied a massive gain of N558 billion in December 2016.

Benchmark indices at the Nigerian Stock Exchange (NSE) showed average decline of 0.96 per cent, which translated into a net capital loss of N89 billion in the five-hour trading session. The market however started the year with voluminous turnover as investors traded 3.36 billion shares valued at N3.76 billion in 2,033 deals.

Aggregate market capitalisation of all quoted equities on the Exchange declined from the year’s value-on-board of N9.247 trillion to close at N9.158 trillion. The All Share Index (ASI), the benchmark index that tracks prices at the Exchange, declined simultaneously from 26,874.62 points to close at 26,616.89 points.

Market-wide price movement analysis showed widespread selling sentiment with nearly all sectoral indices closing on the negative. The NSE Banking Index declined by 2.4 per cent. The NSE Consumer Goods Index dropped by 1.9 per cent. The NSE Oil & Gas Index slipped by 0.49 per cent while the NSE Industrial Goods Index dropped by 0.18 per cent. However, the NSE Insurance Index rose by 0.30 per cent.

Read also: NSE LIVE! Nigerian equities lose N604b in 2016 as real return worsens to -38.7%

There were 18 losers to 13 gainers. Nigerian Breweries, NSE’s second most capitalised stock, recorded the highest loss of N5.99 to close at N142. Beta Glass followed with a loss of N1.32 to close at N29. Guaranty Trust Bank declined by 70 kobo to close at N24.

Cadbury Nigeria and Ecobank Transnational Incorporated lost 51 kobo each to close at N9.78 and N9.77 respectively. Flour Mills of Nigeria dropped by 49 kobo to close at N18 per share. Zenith Bank lost 35 kobo to close at N14.40. Cement Company of Northern Nigeria declined by 25 kobo to close at N4.75. Oando slipped by 23 kobo to N4.47 while Forte Oil dropped by 21 kobo to close at N84.22.

On the upside, Stanbic IBTC Holdings led the gainers with a gain of 69 kobo to close at N15.69. UACN Property Development Company followed with a loss of 13 kobo to close at N2.75. UAC of Nigeria added 9.0 kobo to close at N16.90. United Capital rose by 8.0 kobo to close at N2.81 while Fidson Healthcare and FBN Holdings added 5.0 kobo each to close at N1.33 and N3.40 respectively.

Total turnover stood at 3.36 billion shares valued at N3.76 billion in 2,033 deals. The most active stock was Unity Kapital with 3.07 billion shares. Omoluabi Savings and Loans followed with 190 million shares while Guaranty Trust Bank placed third with 28.63 million shares.

Market analysts said the downtrend that started the year was due to the significant rally recorded in the previous month noting that investors were taking profits on the December transactions.

 

 

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