NSE LIVE! Equities in tight trades as selling pressure mounts

Nigerian equities closed almost flat on Wednesday as underlying selling sentiments widened. The main indices at the Nigerian Stock Exchange (NSE) indicated a marginal gain of 0.004 per cent or N3 billion.

With 14 gainers to 21 losers, the positive market situation was mainly driven by gains recorded by a handful of highly capitalized stocks, including Nigerian Breweries and FBN Holdings Plc.

Aggregate market value of all quoted equities inched up from N8.753 trillion to close at N8.756 trillion. The All Share Index (ASI)- the benchmark index that tracks prices of all quoted equities, also rose slightly from 25,445.61 points to close at 25,455.69 points. The average year-to-date now stands at -11.13 per cent.

Most sectoral indices closed lower, underlining the widespread selling sentiments. The NSE Banking Index depreciated by 0.3 per cent. The NSE Insurance Index declined by 0.5 per cent. The NSE Industrial Goods Index dropped by 0.01 per cent while the NSE Oil & Gas Index slipped by 0.03 per cent. Meanwhile, the NSE Consumer Goods Index appreciated by 0.5 per cent.

Nigerian Breweries led the gainers with a gain of N1.41 to close at N108. E-Tranzact followed with a gain of 29 kobo to close at N3.23. Champion Breweries added 25 kobo to close at N3.10. Tiger Branded Consumer Goods rose by 18 kobo to close at N2.50 while FBN Holdings added 10 kobo to close at N3.50 per share.

Total turnover stood at 202.99 million shares valued at N885.63 million in 3,320 deals. The three most active stocks were NEM Insurance, with turnover of 39.10 million shares; Sterling Bank, 22.87 million shares and Guaranty Trust Bank, with a turnover of 18.84 million shares. The financial services sector was the most active with a turnover of 171.99 million shares. Conglomerates sector recorded a turnover of 8.43 million shares while agriculture sector recorded 7.54 million shares.

On the downside, Seven-Up Bottling Company recorded the highest loss of N7 to close at N147. Julius Berger dropped by N1.80 to close at N43. Ashaka Cement lost N1.02 to close at N19.56. Alumaco declined by 38 kobo to close at N7.37 while Portland Paints and Products Nigeria lost 29 kobo to close at N2.75 per share.

“With current macroeconomic realities driving investor’s sentiments, we expect market performance to continue to be dictated by speculative activities,” Afrinvest Securities stated.

 

 

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