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NSE LIVE! Equities stumble again, return worsens to -10.24%

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NSE LIVE! High-cap stocks lift equities to marginal gain

In from Success Allantee …
The latest losing streak at the Nigerian stock market entered its fourth consecutive day as increased shares supply and recourse to unrestricted sale orders widened the depreciation that started last Friday.
With more than three losers to every gainer, the preponderance of losers and the comparatively higher losses shaved off N56 billion from market value of all quoted equities and pushed the average year-to-date return to -10.24 per cent.
Aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) dropped to N10.662 trillion from its opening value of N10.718 trillion. The common benchmark index for Nigerian equities; the All Share Index (ASI) also slipped by 0.52 per cent from its index on board of 31,269.71 points to close at 31,107.11 points.
With 35 losers to 10 gainers, most equities remained under intense selling pressure occasioned by large open market sale orders. Open market order allows the stockbroker to strike any buy or sell mandate at prevailing market price. Most analysts said equities could remain under pressure throughout the remaining days of the week.
“In the absence of a concrete trigger, the market is expected to continue to thrive on speculation hence, investors are advised to maintain a medium to long term investment horizon,” Afrinvest Securities stated in a post-trading review.
Several highly capitalised stocks headlined the decline. Mobil Oil Nigeria topped the losers’ list with a drop of N8.20 to close at N156.80. Nestle Nigeria followed with a loss of N5 to close at N860. Guinness Nigeria dropped by N4 to close at N127. Seplat Petroleum Development Company declined by N2 to close at N298. Flour Mills of Nigeria dwindled by N1.47 to close at N28.03. Stanbic IBTC Holdings dropped by N1.05 to close at N19.95. Guaranty Trust Bank lost 73 kobo to close at N3.76. Nascon Allied Industries dropped by 22 kobo to close at N6.26 while Nigerian Aviation Handling Company and Red Star Express dropped by 20 kobo each to close at N4.50 and N3.96 respectively.

Read also: NSE LIVE! Equities stumble further amidst large sales

“We expect the market to witness another around of downward pressure in view of the current mood,” analysts at SCM Capital said.
The widespread losses overwhelmed gains recorded by 10 companies, including the two largest companies on the NSE. Forte Oil led the gainers with a gain of N7.02 to close at N212. Nigerian Breweries, the market’s second most capitalised stock, rallied 50 kobo to close higher at N126.50. Portland Paints and Products added 18 kobo to close at N3.95. Dangote Cement, the most capitalised stock on the NSE, rose by 15 kobo to N184.15 while Custodian Insurance gathered 10 kobo to close at N4.20 per share.
Total turnover stood at 434.17 million shares valued at N1.70 billion in 3,020 deals. Financial services sector remained the dominant sector accounting for 414.66 million shares worth N1.13 billion in 1,864 deals. Standard Alliance Insurance was the most active stock with six deals for 250 million shares valued at N125 million.

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