NSE LIVE! Equities’ return worsens to -8.34%

In from Success Allantee

Average year-to-date return at the Nigerian stock market worsened further Thursday as quoted equities extended their negative trading to seventh consecutive trading session.

The benchmark index, the All Share Index (ASI) which doubles as Nigeria’s country equity index, dipped by 0.82 per cent, pushing the average year-to-date return to -8.34 per cent. With inflation at nine per cent, inflation-adjusted return at the stock market now stands at -17.34 per cent.

With 33 losers against 16 gainers, the overall market situation remained largely negative, with widespread selling sentiments closing stocks’ prices below opening values. Aggregate market value of all quoted companies on the Nigerian Stock Exchange (NSE) dropped by N90 billion from its opening value of N10.935 trillion to close at N10.845 trillion.

The ASI depreciated by 0.82 per cent to close at 31,768.23 points compared with its opening index of 32,031.73 points. It had dropped by 1.08 per cent in the previous trading session. The negative market position was also orchestrated by large losses within the highly capitalised stocks, a group of stocks that determined the direction of the market.

Forte Oil topped the losers’ list with a drop of N9.74 to close at N185.24. Guinness Nigeria dropped by N7.31 to close at N138.93. Seplat Petroleum Development Company dipped by N4.89 to close at N330.11 per share. Seven-Up Bottling Company dropped by N3.60 to close at N188. Lafarge Africa lost N1.89 to close at N101.11. Flour Mills of Nigeria dropped by N1.70 to close at N32.30. Nigerian Breweries declined by N1.50 to close at N137.50. PZ Cussons Nigeria lost N1.03 to close at N29.02 UAC of Nigeria dropped by 99 kobo to N40.01 while Ecobank Transnational Incorporated lost 50 kobo to close at N21 per share.

“Given the continuous decline in value stocks, investors are advised to take advantage of the cheap valuations in these stocks to reap returns in the long term while they await other half year 2015 earnings results,” analysts at Afrinvest Securities stated in post-trading comment.

Total turnover stood at 222.1 million shares valued at N4.25 billion in 3,718 deals. Zenith Bank was the most active stock, in terms of volume, with a turnover of 72.02 million shares worth N1.37 billion in 271 deals. Access Bank placed second with a turnover of 25.62 million shares worth N134.49 million in 225 deals. FCMB Group recorded a turnover of 14.83 million shares worth N43.73 million in 58 deals.

Meanwhile, Oando led the gainers with a gain of 38 kobo to close at N14.69. Cement Company of Northern Nigeria followed with a gain of 31 kobo to close at N11.49. Dangote Cement rose by 30 kobo to N168.30. Ikeja Hotels added 27 kobo to close at N4.10 while Stanbic IBTC Holdings chalked up 26 kobo to close at N25.01 per share.

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