NSE LIVE! Equities open Q3 with N120bn loss

After rallying a whooping gain of N2.62 trillion in the second quarter, Nigerian equities opened the third quarter with profit-taking trend as investors booked profits on earlier capital appreciation.

Key benchmark indices at the Nigerian Stock Exchange (NSE) showed a pronounced profit-taking trend, with 29 decliners to 12 advancers.

Aggregate market value of all quoted equities on the Exchange dropped from N11.452 trillion to close at N11.332 trillion, representing a drop of N120 billion within the five hours of trading on Monday. The All Share Index (ASI)-the common value-based index that tracks prices at the Exchange, also declined from its opening index of 33,117.48 points to close at 32,769.84 points. Thus, average year-to-date return slipped by 21.9 per cent.

Nearly all sectoral indices also declined with the exception of the NSE Insurance Index, which rose slightly by 0.3 per cent. The NSE Oil & Gas Index declined by 1.8 per cent. The NSE Banking Index dropped by 1.1 per cent. The NSE Industrial Goods Index lost 0.6 per cent while the NSE Consumer Goods Index slipped by 0.3 per cent.

Total Nigeria led the decliners with a loss of N14 to close at N266. Mobil Oil Nigeria followed with a drop of N12.49 to close at N237.53. Seven-Up Bottling Company dropped by N8.24 to close at N78.21. Presco declined by N5.07 to close at N67.93. Guinness Nigeria lost N3.57 to close at N67.93. Dangote Cement dropped by N2.99 to close at N202. Conoil depreciated by N2.22 to close at N42.34. Julius Berger Nigeria lost N1.87 to close at N35.61. Cadbury Nigeria dropped by 70 kobo to close at N13.30 while UAC of Nigeria declined by 58 kobo to close at N17.40 per share.

Read also: NSE RoundUp! Nigerian equities rally N2.62tn gain in second quarter

On the other hand, PZ Cussons Nigeria led the gainers with a gain of N1.43 to close at N24.35. CAP followed with a gain of N1 to close at N33. Honeywell Flour Mills rose by 17 kobo to close at N1.93. Cutix added 10 kobo to close at N2.10. Newrest ASL inched up by 6.0 kobo to close at N4.56 per share. Nigerian Breweries and Livestock Feeds added 5.0 kobo to close at N161.05 and N1 respectively while Diamond Bank, Skye Bank and Access Bank rose slightly by 3.0 kobo to close at N1.27, 63 kobo and N9.33 respectively.

Total turnover was below recent average. Total turnover stood at 162.3 million shares valued at N1.5 billion. Access Bank was the most active stock with a turnover of 20.9 million shares worth N197.40 million. Fidelity Bank followed with 16.03 million shares valued at N20.9 million while United Bank for Africa ranked third with 14.6 million shares valued at N125.86 million.

“Today’s negative close is premised on profit taking in counters that had gained in prior sessions. Nevertheless, we anticipate a rebound in subsequent sessions given the positive macroeconomic developments that investors have continued to ride on over the last three months,” Afrinvest Securities-a Lagos-based dealer, at the stock market stated in a review.

The market value of the investors in quoted Nigerian equities had appreciated by more than N2.62 trillion in the past three months as improved fiscal and monetary management redirected foreign and domestic’ funds to the equities market.

The second quarter witnessed a major rally at the NSE, which counterbalanced the deficit in the first quarter and pushed the overall market position to the positive side. Key benchmark indices at the NSE at the weekend showed that the market posted a quarter-on-quarter average return of 29.79 per cent, equivalent to net capital gain of N2.623 trillion.

Aggregate market value of all quoted equities rose from the opening value of N8.829 trillion in April to close June at N11.452 trillion, representing an increase of N2.62 trillion. The All Share Index (ASI)-the common value-based index that tracks prices at the Exchange, showed corresponding appreciation from the quarter’s opening index of 25,516.34 points to close at 33,117.48 points.

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