NSE LIVE! High-cap stocks drag equities down

The Nigerian stock market recorded more advancers than decliners in widespread bargain-hunting on Tuesday but losses by a handful of highly capitalised stocks pulled the overall market indices down to the negative side.

With 22 gainers to 14 losers, the price changes generally tended to a continuation of the modest rally that opened the week but losses suffered by highly capitalised stocks in the building materials and oil and gas sectors coloured the overall market position.

Aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) dropped from its opening value of N8.818 trillion to close at N8.791 trillion, representing a loss of N27 billion. The All Share Index (ASI)-the common index that tracks prices at the stock market, also slipped by 0.31 per cent from 25,485.17 points to close at 25,406.72 points. The negative average year-to-date return thus built up to -5.46 per cent.

Sectoral indices showed improved appetite for equities in spite of the negative influence of the large-cap losers. The NSE Oil & Gas Index rose by 2.7 per cent. The NSE Banking Index rallied 0.7 per cent gain while the NSE Consumer Goods Index improved by 0.2 per cent. On the other hand, the NSE Industrial Goods Index dropped by 2.0 per cent while the NSE Insurance Index declined by 0.7 per cent.

Read also: NSE LIVE! Equities open with modest rally

The decline in the overall market position was orchestrated by losses recorded by Total Nigeria, Dangote Cement, Lafarge Africaand Ecobank Transnational Incorporated. Total Nigeria led the losers with a loss of N12.90 to close at N260. Dangote Cement, the most capitalised stock at the Exchange, dropped by N3 to close at N162. Lafarge Africa declined by N1.05 to close at N38.85.

PZ Cussons Nigeria lost 59 kobo to close at N14. Ecobank Transnational Incorporated dropped by 45 kobo to close at N8.55. Stanbic IBTC Holdings dipped by 38 kobo to close at N17.62 while Oando slipped by 12 kobo to close at N5.08 per share.

The market however remained broadly positive. Seplat Petroleum Development Company led the gainers with a gain of N36.82 to close at N396.10.Seven-Up Bottling Company followed with a gain of N3 to close at N83. Nestle Nigeria added N1 to close at N750. International Breweries gathered 75 kobo to close at N15.75.

Guaranty Trust Bank rallied 45 kobo to close at N26. Flour Mills of Nigeria garnered 30 kobo to close at N17.80. Zenith Bank rose by 20 kobo to close at N13.70. Custodian and Allied added 16 kobo to close at N3.36 while Cadbury Nigeria rose by 11 kobo to close at N7.60 per share.

Total turnover stood at 916.26 million shares valued at N2.41 billion in 3,342 deals. Niger Insurance was the most active with 724.31 million shares. Diamond Bank followed with 29.4 million shares while United Bank for Africa placed third with 19.85 million shares.

“However, we expect the benchmark index to record another negative performance in the trading session ahead as investors take profit,” Afrinvest Securities, a Lagos-based dealer on the NSE, stated.

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