Business

NSE LIVE! Equities’ return worsens to -18.81% on N230b loss

Published

9 years ago

August 27, 2015

In from Success Allantee…
Nigerian equities remained in the red as the third consecutive day of losses pushed the average year-to-date return at the stock market to -18.81 per cent. The widespread losses shaved off N230 billion from aggregate market capitalisation of all quoted equities. In the past three days, Nigerian equities have lost N571 billion.
With 47 decliners to six advancers, aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) slumped to N9.670 trillion as against its opening value of N9.900 trillion, representing a loss of N230 billion.
The All Share Index (ASI), the composite value-based index that tracks prices of all quoted equities, recorded a day-on-day change of -2.32 per cent to close at 28,137.65 points compared with its opening index of 28,807.00 points.
“The rout continued today at the Nigerian equities space following a gloomy global outlook. Particularly, as oil prices at the international market continued to tumble, while report on Nigeria`s GDP growth slowed to 2.35 per cent in the second quarter of 2015,” SCM Capital, a Lagos-based investment firm, stated.
The negative overall market situation was drive by widespread losses as well as losses by several highly capitalised stocks. Nestle Nigeria, NSE’s highest-priced stock, topped the losers’ list with a loss of N48.29 to close at N917.69. Mobil Oil Nigeria declined by N6.50 to close at N143.50. Total Nigeria lost N5.12 to close at N146.88. Dangote Cement, NSE’s most capitalised stock, dwindled by N3.90 to close at N165.15. Guinness Nigeria and Lafarge Africa dropped by N2.99 each to close at N110.01 and N97 respectively. PZ Cussons Nigeria declined by N2.48 to close at N23.11. CAP lost N2 to close at N39. Nigerian Breweries dropped by N1.97 to close at N110.15 while Northern Nigeria Flour Mills dropped by N1.12 to close at N10.47 per share.
“We anticipate another round of bearish mood at (Thursday) tomorrow`s trading session. However, despite the market rout, the current mood presents opportunity for long-term risk-tolerant investors to position ahead,” SCM Capital stated.

Analysts at Afrinvest Securities expressed the same sentiments. “With unrelenting weakening of sentiment on equities, we suggest that risk-averse investors should consider fixed income securities. However, investors with higher risk appetite can take advantage of attractive prices in tickers with sound fundamentals,” Afrinvest Securities stated in post-trading review.
Aggregate turnover was above average with the exchange of 483.74 million shares valued at N5.09 billion in 4,681 deals. Guaranty Trust Bank was the most active stock with a turnover of 94.72 million shares valued at N1.9 billion. Zenith Bank followed with a turnover of 93.8 million shares worth N1.3 billion while Access Bank placed third with a turnover of 87.25 million shares worth N390.98 million.
On the upside, Dangote Sugar Refinery led the contrarian stocks with a gain of 30 kobo to close at N6.34. Vitafoam Nigeria followed with addition of 12 kobo to close at N5.75. FCMB Group rose by four kobo to close at N2.12. Wema Bank added three kobo to close at 90 kobo. Costain (West Africa) rose by two kobo to 61 kobo while ABC Transport inched up by a kobo to close at 54 kobo per share.

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