Connect with us

Business

NSE LIVE! Equities stumble further

Published

on

In from Success Allantee…

Trading on Thursday at the Nigerian stock market was marked by steep decline in turnover and continuing decline in share prices. For the second consecutive day in the second half, share prices were also mostly on the downside, worsening the average year-to-date loss at the stock market.

The All Share Index (ASI), the value-based index that tracks all quoted equities, declined by 0.38% to close at 32,739.11 points as against its opening points of 32,863.43 points. Aggregate market value of all quoted equities also dropped from N11.218 trillion to N11.176 trillion.

The negative performance further depressed the negative average year-to-date return at the stock market to -5.53 per cent.

Market analysts said investors were still concerned about the macroeconomic outlook of the new government and what impact such could have on returns on investment.

Analysts at Afrinvest Securities said they expected the market to close the week negative on sustained speculation in the market, urging investors to take precautionary measures when trading.

“We also note that most foreign investors are discontent by CBN’s decision to delay the much anticipated devaluation of the Naira which is holding back their investments positioning in stock and bond markets,” said SCM Capital, former Sterling Capital Markets, in a post-trading review.

Read Also: NSE LIVE!… Dangote Cement leads Equities to N203b loss

With 29 slackers to 23 advancers, the selling sentiments still remained the dominant force at the secondary market. Nigeria’s major breweries led the downtrend. Guinness Nigeria, which earlier this week announced a new chief executive, topped the losers’ list with a loss of N7.28 to close at N153. Nigerian Breweries, NSE’s second most capitalised stock, followed with a loss of N3.45 to close at N145.05. Seven-Up Bottling Company dropped by N3 to close at N183. Presco lost N1 to close at N35 while Stanbic IBTC Holdings dropped by 93 kobo to close at N25 per share.

On the positive side, Seplat Petroleum Development Company led the gainers with a gain of N2.94 to close at N343. Forte Oil followed with a gain of N1.97 to close at N189.07. PZ Cussons rose by N1.52 to close at N31.97 while Dangote Cement and Nascon Industries rose by 50 kobo and 31 kobo to close at N172.50 and N8 respectively.

Total turnover stood at 186.73 million shares valued at N1.77 billion in 3,261 deals, representing declines of 42.3 per cent, 62.6 per cent and 20.4 per cent in turnover volume, value and number of deals respectively. The financial services sector remained the most active sector with a turnover of 160.3 million valued at N1.19 billion in 1,892 deals. Access Bank was the most active stock with a turnover of 46.68 million shares worth N250.58 million in 216 deals. Zenith Bank placed second on the activity chart with a turnover of 16.88 million shares worth N327.1 million in 234 deals. Diamond Bank ranked third with a turnover of 16.38 million shares valued at N65.74 million in 24 deals.

Ripples… 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