Business

NSE LIVE! Equities negative as Senate unveils ministerial nominees

Published

9 years ago

October 7, 2015

In from Success Allantee … .
Nigerian equities continued to trade in the red zone yesterday at the Nigerian Stock Exchange (NSE) as the formal confirmation of the names of ministerial nominees failed to excite the stock market.
The main indices at the stock market dropped for the third consecutive trading session, raising the negative average year-to-date return to -12.48 per cent. The All Share Index (ASI)-the common value-based index that tracks prices of all quoted equities, dropped by 0.25 per cent to close at 30,330.58 points as against its opening index of 30,405.88 points. Most sectoral indices also recorded losses. The NSE Premium Index sank by 2.04%. The NSE Oil and Gas Index lost 1.67%. However, the NSE Consumer Goods Index rose by 0.44%.
Aggregate market value of all quoted equities also dropped from opening value of N10.450 trillion to close at N10.424 trillion, representing a loss of N26 billion. There were 22 decliners against 19 advancers, underlining the widespread negative sentiments that had started trading this month.
The Senate on Tuesday read out the names of ministerial nominees forwarded to the upper chamber for screening. The market, which had been anxiously waiting for the list, reacted negatively. The ministerial list consisted mostly of politicians as against expectation of youthful technocrats.

The negative market performance was also driven by losses recorded by some highly capitalised stocks including Dangote Cement, FBN Holdings, Zenith Bank, Guinness Nigeria and Seplat Petroleum Development Company.
Seplat Petroleum Development Company led the decliners with a loss of N24.36 to close at N225.54. Mobil Oil Nigeria followed with a loss of N3.43 to close at N145.07. Dangote Cement lost N1.51 to close at N166.50. Cadbury Nigeria declined by N1.10 to close at N22.90. Guinness Nigeria lost 76 kobo to close at N149.99. Cement Company of Northern Nigeria dropped by 41 kobo to close at N8.32. Nigerian Aviation Handling Company slipped by 22 kobo to N4.45. Oando dropped by 15 kobo to close at N10.30. Zenith Bank lost 10 kobo to close at N16.60 while FBN Holdings dropped by six kobo to close at N6.14 per share.
Total turnover stood at 300.52 million shares valued at N3.04 billion in 3,113 deals. Access Bank was the most active stock with a turnover of 83.36 million shares valued at N443.47 million.
On the upside, Forte Oil recorded the highest gain of N3.20 to close at N263. Nigerian Breweries followed with a gain of N1.34 to close at N141 while Unilever Nigeria rose by 43 kobo to close at N46.50 per share.

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