NSE LIVE! Stock market awaits direction as equities lose N63b

In from Success Allantee … .
Nigerian stock market opened on Monday with a tinge of bearishness as investors continued to wait for clear economic policy direction and enunciation of key strategies. After it posted a modest gain of 0.15 per cent last week, the Nigerian equity market opened this week on Monday with average loss of 0.60 per cent, equivalent to N63 billion.
The market opened Monday without a formal release of the names of the nominees for ministerial positions in the Federal Executive Cabinet and uncertainties over the policy leanings of the likely ministers.
The two common benchmark indices at the Nigerian Stock Exchange (NSE) indicated widespread selling sentiments with bids mostly trailing offers during the five-hour trading session. The All Share Index (ASI)- value-based common index that tracks prices of all quoted equities, declined by 0.60 per cent to close at 30,405.88 points as against its opening index of 30,588.41 points. Aggregate market value of all quoted equities also dropped correspondingly by N63 billion from N10.513 trillion to N10.450 trillion. The downtrend worsened the negative average year-to-date return to -12.27 per cent.
President Muhammadu Buhari had last week submitted the first list of ministerial nominees to the Senate, which has indicated that the list would go through thorough screening. The upper chamber is expected to read out the names at the resumption of sitting this week.
The delay and politics of composition of the Federal Executive Council have left many investors on the sideline, especially the dominant foreign investors who are worried by Nigeria’s foreign exchange and national accounts management.
With 29 decliners to 16 advancers, the negative market situation was driven by both the widespread selling sentiments and the inclusion of several highly capitalised stocks among the top losers.

Read also: Nigeria’s economy bleeding seriously, says LCCI

Dangote Cement, Nigeria’s most capitalised quoted company, topped the losers’ list with a loss of N2.99 to close at N168.01. Guinness Nigeria followed with a loss of N1.25 to close at N150.75. UAC of Nigeria (UACN) dropped by N1.20 to close at N30.50. Ecobank Transnational Incorporated declined by 55 kobo to close at N18.55. Berger Paints dropped by 52 kobo to close at N9.90. Aluminium Extrusion slipped by 51 kobo to close at N9.84. Okomu Oil Palm and Lafarge Africa dropped by 50 kobo each to close at N27.50 and N98 respectively. Flour Mills of Nigeria dropped by 40 kobo to close at N22.40 while Nigerian Breweries, stock market’s second most capitalised company, lost 34 kobo to close at N139.66 per share.
Turnover stood at 419.95 million shares valued at N2.09 billion in 3,056 deals. Mutual Benefit was the most active stock with a total volume of 200 million valued at N100 million. Unity Bank placed second on the activity chart with 44.16 million shares valued N57.78 million while UBA ranked third with a turnover of 34.41 million worth N149.56 million.
On the upside, Mobil Oil Nigeria led gainers with a gain of N3.50 to close at N148.50. Unilever Nigeria followed with a gain of 94 kobo to close at N46.07. Zenith Bank gained 24 kobo to close at N16.70. Nigerian Aviation Handling Company (Nahco) increased by 22 kobo to close at N4.67 while United Bank for Africa grew by 17 kobo to close at N4.41.

RipplesNigeria …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