Nigerian equities lost N122 billion on Wednesday, bring the total net capital loss for the three consecutive days of price decline to N395 billion.
The sustained declined narrowed the average year-to-date return at the Nigerian equities market to 13.85 per cent.
With 40 decliners to 18 advancers, aggregate market value of all quoted equities at the Nigerian Stock Exchange (NSE) dropped from its opening value of N15.746 trillion to close at N15.624 trillion.The All Share Index (ASI)-the common value-based index that tracks share prices at the Exchange, also declined by 0.77 per cent to close at 43,538.16 points as against its opening index of 43,877.30 points.
All sectoral indices also closed in the red with the exception of the NSE Banking Index, which posted a return of 0.6 per cent. The NSE Industrial Goods Index dropped by 1.1 per cent. The NSE Insurance Index and NSE Oil & Gas Index declined by 0.8 per cent each while the NSE Consumer Goods Index dipped by 0.3 per cent.
Highly capitalised stocks led the decliners, which further exacerbated the negative overall market position. 11, formerly Mobil Oil Nigeria, led the decliners with a drop of N10.50 to close at N199.50. Dangote Cement-Nigeria’s most capitalised stock, followed with a drop of N6 to close at N264. Nigerian Breweries-the second most capitalised stock at the Exchange, declined by N2.90 to close at N142. Stanbic IBTC Holdings lost N1.65 to close at N45.35. Julius Berger Nigeria dropped by N1.25 to close at N26.05. Total Nigeria slid by N1 to close at N230 while Aluminium Extrusion and Berger Paints dropped by 45 kobo each to close at N9.20 and N9.25 per share.
On the positive side, Unilever Nigeria led the advancers with a gain of N2.25 to close at N47.60. Zenith Bank followed with a gain of 80 kobo to close at N32. Caverton Offshore Support Group appreciated by 27 kobo to close at N3.05. Cement Company of Northern Nigeria, GlaxoSmithKline Consumer Nigeria and Red Star Express rose by 25 kobo each to close at N19, N19.25 and N6 respectively. Union Bank of Nigeria added 20 kobo to close at N8.45 while Nigerian Aviation Handling Company, UAC of Nigeria and United Bank for Africa chalked up 15 kobo each to close at N4.07, N17.20 and N12.20 respectively.
Total turnover stood at 508.3 million shares valued at N4.5 billion. Lasaco Assurance was the most active stock with a turnover of 57.19 million shares valued at N20.06 million. FBN Holdings followed with a turnover of 55.88 million shares worth N707.30 million while Skye Bank placed third with 43.06 million shares worth N48.29 million.
“Against the backdrop of sustained profit taking since the start of the week, we expect performance in subsequent trading sessions to remain negative. However, in light of lower pricing on fundamentally sound stocks we also anticipate more activity in the coming week as investors seek bargain opportunities,” Afrinvest Securities stated.
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