NSE LIVE! Equities show resilience in marginal decline

Quoted equities narrowed the ranks of the rampaging downers at the stock market, but continued pressure on the shares of many large-cap stocks pushed the market to a marginal loss of N25 billion. As against average loss of 0.84 per cent on Monday, average loss yesterday at the Nigerian Stock Exchange (NSE) stood at 0.26 per cent.
Aggregate market value of all quoted equities dropped from its opening value of N9.416 trillion to close the first trading session in December at N9.391 trillion. The All Share Index (ASI)-a common value-based index that tracks prices of all quoted equities, slipped from 27,385.69 points to close at 27,314.00 points.
The decline, though marginal, nudged the average year-to-date return to -21.19 per cent, highlighting the built-up losses over the past 11 months.
Sectoral analysis showed improved market situation in many sectors. The NSE Insurance Index recorded an average gain of 0.42 per cent. The NSE Banking Index rose by 0.16 per cent while the NSE Industrial Goods Index appreciated by six basis points. However, the NSE Consumer Goods Index declined by 0.6 per cent while the NSE Oil & Gas Index slipped by 0.05 per cent.
Many analysts said they expected the market to remain on the low side citing the expected cash demand in December’s yuletide season and the shrinking disposable incomes of average earners.
“As market sentiments remain particularly weak and no cheering news to drive positive sentiments, in the near term, we expect the market to remain soft in the days ahead. In the interim however, we advise that investors maintain a cautious outlook on equities,” Afrinvest Securities-a Lagos based dealer on the NSE, stated.

Read also: NSE LIVE! Equities hit three-year low amidst continuing sell offs

Nigerian Breweries, NSE’s second most capitalised company, led the 23-stock losers’ list with a loss of N2.03 to close at N117.97. Conoil followed with a drop of N1.37 to close at N26.04. Seven-Up Bottling Company declined by N1 to close at N183. PZ Cussons Nigeria lost 59 kobo to close at N24.87. Flour Mills of Nigeria dropped by 40 kobo to close at N19.60. FBN Holdings declined by 34 kobo to close at N5. Nigerian Aviation Handling Company (Nahco) dropped by 19 kobo to close at N3.64. Custodian and Allied Insurance lost 16 kobo to close at N4.06. Tiger Branded Consumer Goods dropped by 14 kobo to close at N1.40 while Sterling Bank slipped by nine kobo to close at N1.90.
Total turnover stood at 153.33 million shares valued at N1.56 billion in 2,704 deals. The three most actively traded stocks were FBN Holdings Plc, with 46.01 million shares; Guaranty Trust Bank, with 20.47 million shares and United Bank for Africa, with 11.04 million shares. The financial services sector accounted 121.89 million shares while conglomerates sector and consumer goods contributed 12.69 million shares and 12.16 million shares respectively.
On the upside, Unilever Nigeria led 15 other stocks on the gainers’ list with a gain of N1.84 to close at N39.90. UAC of Nigeria rallied N1.14 to close at N26.95. Ecobank Transnational Incorporated added 33 kobo to close at N15.68. Guinness Nigeria rose by 30 kobo to close at N121.30 while Zenith Bank gathered 10 kobo to close at N15.70 per share.

RipplesNigeria …without borders, without fears

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now