NSE LIVE! High-cap stocks drag equities to the negative

The widespread positive sentiments continued at the Nigerian Stock Exchange (NSE), but losses by a handful of highly capitalised stocks coloured the overall market position to negative. With nearly two advancers to every decliner, the market showed generally positive buying sentiments. However, losses by highly capitalised stocks in key sectors of the stock market impacted negatively on the key overall indices.

After two successive gains in the previous trading sessions, the All Share Index (ASI) -the value-based common index that tracks prices of all quoted equities, slipped by 0.17 per cent to close at 26,871.24 points, as against its opening index of 26,918.22 points.

Aggregate market capitalisation of all quoted equities dropped by N16.2 billion from N9.255 trillion to N9.239 trillion. The decline, though modest, nudged the negative average year-to-date return to -22.5 per cent.

“We recommend that investors should continue to maintain a medium to long term view as the market will most likely close negative for the year,” Afrinvest Securities stated.
The decline yesterday was driven largely by losses recorded by Nigerian Breweries, Dangote Cement and Guaranty Trust Bank. Nigerian Breweries, the second most capitalised stock at the NSE, led the 14-stock losers’ list with a loss of N6.08 to close at N115.72. PZ Cussons Nigeria followed with a loss of N1.41 to close at N26.90. Dangote Cement, the most capitalised stock at the NSE, dropped by 50 kobo to close at N152.30. Guinness Nigeria, the second most capitalised breweries stock, declined by 50 kobo to close at N122.50.

Read also: NSE LIVE! Equities sustain rally on budget hopes

Ecobank Transnational Incorporated dropped by 21 kobo to close at N16.49. United Bank for Africa lost 15 kobo to close at N3.50. Guaranty Trust Bank, the third most capitalised quoted company and the leader of the financial services sector, declined by 14 kobo to close at N18.86 while Red Star Express dropped by 10 kobo to close at N4.25 per share.

Total turnover stood at 149.88 million shares worth N1.55 billion in 3,255 deals. FBN Holdings was the most active with a turnover of 30.17 million shares valued at N142.92 million. Zenith Bank followed with a turnover of 26.51 million shares worth N364.8 million. Guaranty Trust Bank placed third with a turnover of 18.5 million shares valued at N350.5 million.

On the other hand, Forte Oil led 21 other stocks on the gainers’ list with a gain of N1.36 to close at N286.65. Mobil Oil Nigeria followed with a gain of N12.80 to close at N143 while Nestle Nigeria rose by N10 to close at N800 per share.

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