NSE LIVE! High-cap stocks drag equities down

After two consecutive positive trading sessions, Nigerian equities succumbed to the profit-taking transactions on a handful of highly capitalised stocks. In spite of widespread gains, losses by large-cap influential stocks weighed down the overall market position.

The All Share Index (ASI) – the value-based index that tracks prices of all quoted equities on the Nigerian Stock Exchange (NSE), recorded a day-on-day decline of 0.34 per cent, equivalent to a loss of N29 billion. The ASI declined from its opening index of 25,455.69 points to close at 25,369.52 points.

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While there were 20 advancers against 16 decliners, losses suffered by Nestle Nigeria, NSE’s highest-priced stock; Dangote Cement, NSE’s most capitalised stock and UAC of Nigeria, NSE’s largest conglomerate, overwhelmed the overall market situation.

Aggregate market value of all quoted equities dropped from N8.756 trillion to close at N8.727 trillion. With this, average year-to-date return worsened to -11.43 per cent.

Sectoral analysis showed a mixed performance. The NSE Industrial Goods Index declined by 0.7 per cent. The NSE Consumer Goods Index and the NSE Oil and Gas Index declined by 0.2 per cent each. The NSE Insurance index however rose by 1.1 per cent while the NSE Banking Index appreciated by 0.7 per cent.

Nestle Nigeria topped the losers’ list with a loss of N15 to close at N675. Dangote Cement declined by N2.01 to close at N169.99. UAC of Nigeria lost 97 kobo to close at N19.48. Stanbic IBTC Holdings dropped by 25 kobo to close at N13.45 while Oando dropped by 21 kobo to close at N4.07 per share.

“Given the current challenging macroeconomic space, we expect the “seesaw movement “observed in recent sessions to persist in the interim,” Afrinvest Securities stated, referring to the tendency for spates of rallies and declines.

Total turnover stood at 264.69 million shares valued at N1.31 billion in 3,033 deals. The three most active stocks were Equity Assurance, with 79.01 million shares; Fidelity Bank, 29.54 million shares while Guaranty Trust Bank recorded a turnover of 23.54 million shares.

On the upside, Seplat Petroleum Development Company recorded the highest gain of N2.65 to close at N309.15. Okomu Oil Palm followed with a gain of N1.41 to close at N29.77. Nigerian Breweries added 99 kobo to close at N108.99. Nigeria Aviation Handling Company chalked up 17 kobo to close at N3.89 while E-Tranzact rose by 16 kobo to close at N3.39 per share.

 

 

 

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