NSE LIVE! Equities’ return worsens amid mixed earnings reports

The average year-to-date return at the Nigerian equities market worsened to -11.11 per cent yesterday as corporate earnings reports failed to halt a grueling downtrend that had seen the stock market losing 7.92 per cent so far this month.

Aggregate market capitalisation of all quoted equities closed at N10.559 trillion as against its opening value of N10.657 trillion. The All-Share Index (ASI), the common benchmark index that tracks prices of all quoted equities, dropped by 284.15 basis points or 0.91 per cent to close at 30,807.54 points as against 31,091.69 points.

All sectoral indices at the NSE closed on the negative. The NSE Banking Index topped the losers’ list with a 1.70 per cent drop, while the NSE Insurance Index and NSE Consumer Goods Index fell by 1.56 per cent and 1.53 per cent respectively. The NSE Oil and Gas Index and NSE Industrial Goods Index dropped by 0.62 per cent and 0.06 per cent accordingly.

“The influx of first half 2015 results has not been enough to boost investors’ sentiment so far, we therefore advice investors to tread cautiously and maintain a medium to long term horizon in equities,” said analysts at Afrinvest Securities.

There were 33 losers to 12 gainers. Seven-Up Bottling Company led the losers with a loss of N8.9 to close at N185.10. Nigerian Breweries dropped by N4.19 to close at N122.80. Mobil Oil Nigeria Plc lost N3.18 to close N150. Forte Oil declined by N2 to close at N184 while Total Nigeria dropped by N1 to close at N162 per share.

Total turnover stood at 184.17 million shares valued at N2.29 billion in 3,561 deals. The financial services sector led the activity chart with 148.782 million shares valued at N1.498 billion. The consumer goods sector followed with a turnover of 9.729 million shares valued at N387 million.

On the downside, Red Star Express led the contrarian stocks with a gain of 45 kobo to close at N4.97. UAC of Nigeria gained 28 kobo to close at N41.40. Unilever Nigeria rose by 20 kobo to close at N37.60. United Bank for Africa added 8.0 kobo to close at N4.31 while Academy Press rose by 4.0 kobo to close at 95 kobo per share.

Read also: NSE to introduce new market reforms

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