NSE LIVE! Equities’ losses rise to N500bn

Nigerian equities continued on the downtrend with a loss of N190 billion on Thursday, raising the losses within the two days of declines to N500 billion.

The benchmark index at the Nigerian Stock Exchange (NSE) indicated average decline of 1.6 per cent on Thursday, paring the average year-to-date return 22.5 per cent.

The All Share Index (ASI)-the common value-based index that tracks prices at the Exchange dropped from its opening index of 33,477.89 points to close at 32,928.44 points. Aggregate market value of all quoted equities on the NSE declined from its opening value of N11.577 trillion to close at N11.387 trillion.

All sectoral indices also closed in the red, reflecting the broad bearishness at the stock market. The NSE Consumer Goods Index declined by 2.6 per cent. The NSE Banking Index dropped by 2.4 per cent. The NSE Insurance Index dipped by 1.3 per cent. The NSE Industrial Goods Index dropped by 0.8 per cent while the NSE Oil and Gas Index declined by 0.4 per cent.

There were 45 decliners against 14 advancers. Nigerian Breweries led the decliners with a loss of N7.97 to close at N158.03. Okomu Oil Palm followed with a loss of N3.40 to close at N64.80. Presco lost N3 to close at N73. Mobil Oil Nigeria dropped by N2.90 to close at N248. Julius Berger Nigeria lost N2.18 to close at N41.52 per share. International Breweries dropped by N1.53 to close at N29.12. Guinness Nigeria lost N1.50 to close at N71.50 while Stanbic IBTC Holdings dipped by N1.40 to close at N30.60 per share.

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On the upside, Conoil led the advancers with a gain of N4.14 to close at N44.56. Ashaka Cement followed with a gain of N1.50 to close at N16.27. Berger Paints of Nigeria rallied 65 kobo to close at N7.12. UBA added 38 kobo to close at N9.20. UAC of Nigeria chalked up 10 kobo to close at N18 per share. Livestock Feeds rose by 9.0 kobo to close at N1.08 while Neimeth Pharmaceuticals International added 8.0 kobo to close at 92 kobo.

Total turnover was on the average with the exchange of 509.8 million shares valued at N5.0 billion. United Bank for Africa (UBA) led the activities’ chart with a turnover of 88.92 million shares valued at N776.27 million. Diamond Bank followed with 70.36 million shares worth N79.01 million while Transnational Corporation of Nigeria placed third with 60.3 million shares worth N91.72 million.

“The bearish sentiment in the Bourse in the last two sessions is partly attributable to slide in oil prices since the start of the week. We expect this fundamental driver to continue to dictate performance in the near term, although we remain medium term positive on the market performance,” Afrinvest Securities-a Lagos-based dealer on the Exchange, said.

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