Business
NSE LIVE! Equities relapse into negative with N47bn loss
Nigerian equities fell back into the negative trend on Thursday as investors sought to cash in on fast moving consumer goods (FMCG) stocks, many of which had retained considerable value in spite of the long-running depression at the stock market.
All major indices at the Nigerian Stock Exchange (NSE) showed a surge in sell orders, turning the market into a buyer’s market which closed most transactions at lower prices.
With three losers to every gainer, investors recorded average decline of 0.54 per cent, equivalent to capital loss of N47 billion. However, the listing of the N37 billion shares of Jaiz Bank Plc moderated the net decline in total market value to about N11 billion.
Aggregate market value of all quoted equities dropped from N8.775 trillion to close at N8.764 trillion. The All Share Index (ASI), the benchmark index for the equities market, also declined from 25,460.45 points to close at 25,322.30 points. The average year-to-date return thus worsened to -5.78 per cent.
Read also: NSE LIVE! Equities get a breather with N5bn gain
All sectoral indices at the stock market ended in the negative, underlining the negative overall market performance. The NSE Consumer Goods Index declined by 1.6 per cent. The NSE Banking Index and NSE Oil & Gas Index depreciated by 0.4 per cent each. The NSE Industrial Goods Index slipped by 0.01 per cent while the NSE Insurance Index closed flat.
Nestle Nigeria led the losers with a loss of N21.60 to close at N624.40. Seven-Up Bottling Company declined by N5.60 to close at N106.50. Forte Oil lost N2.83 to close at N53.87. Nigerian Breweries dropped by N1.27 to close at N128.73 while PZ Cussons Nigeria lost N1.19 to close at N11.04.
Total turnover stood at 143.23 million shares valued at N1.55 billion in 2,551 deals. Fidelity Bank was the most active stock with 24.44 million shares valued at N20.78 million. Diamond Bank followed with 20.3 million shares worth N17.5 million while Zenith Bank recorded a turnover of 12.5 million shares worth N187.7 million.
On the positive side, Unilever Nigeria led the gainers with a gain of N1 to close at N35. UAC of Nigeria followed with a gain of 60 kobo to close at N15.10. Oando rose by 10 kobo to close at N4.80. AXA Mansard Insurance added 7.0 kobo to close at N1.59 while Caverton Offshore Support Group inched up by 3.0 kobo to close at 90 kobo per share.
“Given the overall downtrend in the market as investors await more earnings scorecards, performance remains dictated by investors’ reactions to previous releases as well as short term momentum trading. Nonetheless, we expect the index to close the week negative,” Afrinvest Securities, a Lagos-based dealer on the Exchange, stated.
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Margret Dickson
February 10, 2017 at 8:45 am
Amidst economic recession, Nigeria still lost N47bn on Thursday, I’m beginning to think this country is under some spells that are really worrying our economy. The country is loosing more money while it gains little, Nigeria needs deliverance, honestly. Nestle, Seven-up and Nigerian breweries have products that are consumed by most people everyday, their lost is coming as a surprise to me.
Animashaun Ayodeji
February 10, 2017 at 8:51 am
Don’t mix things up, Nigeria’s economic crisis has nothing to do with spirituality. Those firms truly have what Nigerians consume everyday, but are Nigerians still capable of consuming those products like they used to? If I used to buy 3 sachets of Milo daily, the moment I stop buying three and reduce to one or two, the company will feel it, sooner or later. When there’s no money in the economy, there must be decline in purchase. This isn’t a matter of spell or curse.
Amarachi Okoye
February 11, 2017 at 4:52 am
Yes it is not spell or curse but something that need to be treated
Roland Uchendu Pele
February 10, 2017 at 11:21 am
Do we ever read of good news from the Nigerian Stock Exchange??
The market never seems to get better!
seyi jelili
February 10, 2017 at 10:52 pm
Because forex is livewire or the determinant of the stock market. Until we find solutions to the rising dollars against our naira, the stock market will remain worsening.
Joy Madu
February 11, 2017 at 4:47 am
Yes i agree with you because the stock market need to change the rising dollars so things can get better
JOHNSON PETER
February 10, 2017 at 9:52 pm
Seven up company would soon fold up as their products are not well patronage again because they are good in giving people diabetes.
yanju omotodun
February 11, 2017 at 6:53 am
Is there any drink or beverage company that has no sugar? So your point is pointless. Coke you see contains more sugar than 7up and yet it is well patronised so it’s not the sugar but lack of market strategy.