NSE LIVE! Equities slump, lose N119b

In from Success Allantee…

The downtrend at the Nigerian stock market worsened Wednesday as widespread selling sentiments wiped away N119 billion, extending the depreciation to the sixth consecutive day.

With more than two decliners to every advancer, the All Share Index (ASI), the common value-based index that tracks all quoted equities, indicated average day-on-day decline of 1.08 per cent to close lower at 32,031.73 points as against its opening index of 32,380.26 points.

Aggregate market value of all quoted companies on the Nigerian Stock Exchange (NSE) dropped from its opening value of N11.054 trillion to close at N10.935 trillion, crossing the psychological N11 trillion mark.

The continuing decline further worsened the negative overall market situation with the average-year-to-date return rising to -7.58 per cent. With 31 losers to 13 gainers, the decline was also worsened by widespread depreciation among highly capitalised stocks.

Market analysts have blamed the sustained decline on the delays in formation of the new government’s cabinet and lack of clear policy directions.

“As vague policy signals continue to pervade Nigeria’s investment landscape, we advise investors to stay glued to medium to long term investment horizon,” said analysts at Afrinvest Securities.

“We expect the current bearish mood to continue as there were no major catalysts to tilt market to the upside,” said analysts at SCM Capital.

Read also: NSE LIVE! Equity turnover rises by 39% as market stumbles further

Dangote Cement, Nigeria’s most capitalised quoted company, led the losers’ list with a loss of N4 to close at N168. Forte Oil followed with a loss of N3.02 to close at N194.98. Seven-Up Bottling Company dropped by N2.40 to close at N191.60. Beta Glass declined by N1.80 to close at N34.20. Seplat Petroleum Development Company lost N1.05 to close at N335. Stanbic IBTC Holdings dwindled by N1 to close at N24.75. Oando dropped by 74 kobo to close at N14.31. Ecobank Transnational Incorporated and GlaxoSmithKline Consumer Nigeria lost 50 kobo each to close at N21.50 and N43.50 respectively while Okomu Oil Palm slipped by 49 kobo to close at N28.50.

On the upside, Ashaka Cement recorded the highest gain of N1.05 to close at N22.15. UACN Property development Company added 20 kobo to close at N10.40. Custodian and Allied gathered 19 kobo to close at N4.09 per share. Ikeja Hotel rose by 18 kobo to close at N3.83 while Vitafoam Nigeria added 13 kobo to close at N5.88 per share.

Total turnover stood at 193.97 million shares valued at N2.92 billion in 3331 deals. Financial services sector accounted for about 77 per cent of total turnover with 149.96 million shares worth N1.49 billion in 1,839 deals. Zenith Bank was the most active stock with a turnover of 48.39 million shares worth N920.4 million in 212 deals. Access Bank occupied the second position with a turnover of 22.21 million shares valued at N119.4 million in 124 deals while FCMB Group placed third with a turnover of 17.13 million shares valued at N50.19 million in 60 deals.

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