NSE LIVE! Equities relapse amidst renewed selloff

NSE LIVE! Equities relapse amidst renewed selloff

After a major rally that saw net capital gain of N114 billion on Monday, Nigerian equities came under sell pressure on Tuesday as investors appeared to be rebalancing portfolios away from large-cap stocks to low-priced stocks, otherwise known as penny stocks.

Benchmark indices at the Nigerian Stock Exchange (NSE) on Tuesday showed that the market recorded a net capital loss of N81 billion, equivalent to average day-on-day decline of 0.88 per cent. The decline nudged the average year-to-date return so far this year to -1.97 per cent.

Aggregate market value of all quoted equities on the Exchange declined from N9.146 trillion to close at N9.065 trillion. The All Share Index (ASI)-the value-based common benchmark index that tracks prices at the stock market, also dropped to close at 26,346.24 points as against its opening index of 26,580.22 points.

Price trend analysis indicated that highly capitalised stocks in the building materials, banking and oil and gas sectors orchestrated the decline. Seven-Up Bottling Company led 24 other stocks on the losers’ list with a loss of N11.15 to close at N111.40. Mobil Oil Nigeria followed with a loss of N2.04 to close at N263.01.

Guaranty Trust Bank dropped by N1.04 to close at N23.56. Dangote Cement lost N1 to close at N168. Forte Oil declined by 61 kobo to N79.76. International Breweries dropped by 50 kobo to N18. Zenith Bank declined by 39 kobo to close at N15.10. Access Bank dropped by 21 kobo to N6.30. Cutix lost 18 kobo to close at N1.71 while United Bank for Africa declined by 16 kobo to close at N4.75 per share.

Read also: BAIL OUT FUNDS: FG draws battle line, appoints auditing firms for states

On the positive side, Total Nigeria led 18 other stocks on the gainers’ list with a gain of N5 to close at N305. Cadbury Nigeria followed with a gain of 25 kobo to close at N9.28. UACN Property Development Company added 15 kobo to close at N3.15. Nigerian Aviation Handling Company rose by 12 kobo to close at N2.71.Airlines Services and Logistics added 11 kobo to close at N2.61 per share. Dangote Flour Mills rose by 9.0 kobo to close at N4.09 while Cement Company of Northern Nigeria added 7.0 kobo to close at N4.40 per share.

Investors appeared to show preference for low-priced stocks. Total turnover stood at 372.85 million shares valued at N1.33 billion in 4,068 deals. Omoluabi Savings and Loans was the most active stock with a turnover of 93.50 million shares worth N83.95 million. Fidelity Bank followed with 39.37 million shares valued at N36.03 million while FCMB Group recorded a turnover of 37.14 million shares worth N49.5 million.

RipplesNigeria ….without borders, without fears

Join the conversation


About the author

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.

/* ]]> */