NSE LIVE! Equities lose N136bn as profit-taking resurfaces

Nigerian equities lost N136 billion on Wednesday as a resurgent profit-taking trend swept across the stock market. With more decliners than advancers, sell pressure within the influential large-cap stocks compounded underlying profit-taking trend across the sectors, pushing the market to the negative.

Benchmark indices at the Nigerian Stock Exchange (NSE) indicated a day-on-day decline of 1.0 per cent, representing a net capital loss of N136 billion. With this, the average year-to-date return for Nigerian equities slipped to 43.39 per cent.

The All Share Index (ASI)-the value-based common index that tracks share prices at the NSE declined from its opening index of 38, 924.63 points to close at 38,534.64 points. Aggregate market value of all quoted equities also dropped from its opening value of N13.556 trillion to close at N13.420 trillion.

All sectoral indices at the Exchange closed negative with the exception of the NSE Oil & Gas Index which recorded a modest gain of 0.1 per cent. The NSE Banking Index dropped by 2.2 per cent. The NSE Consumer Goods Index dropped by 0.5 per cent. The NSE Industrial Goods Index declined by 1.7 per cent while the NSE Insurance Index dipped by 0.1 per cent.

There were 26 decliners against 19 advancers. Nigeria’s largest brewer-Nigerian Breweries led the decliners with a loss of N3.67 to close at N139.65. Presco followed with a drop of N3.41 to close at N65. Guaranty Trust Bank and Lafarge Africa declined by N2 each to close at N39.90 and N45 respectively. Dangote Cement dropped by N1.12 to close at N239.88 while Zenith Bank lost N1 to close at N25 per share.

Read also: NSE ROUND-UP! Equities record marginal recovery

On the upside, Nestle Nigeria-Nigeria’s highest priced stock, led the advancers with a gain of N2.40 to close at N1,462.50. 11-formerly known as Mobil Oil Nigeria, followed with a gain of N1.50 to close at N170. Guinness Nigeria rose by N1.15 to close at N95.20. Ecobank Transnational Incorporated added 69 kobo to close at N17.95. Dangote Flour Mills rose by  59 kobo to close at N12.59 while Nascon Allied Industries chalked up 50 kobo to close at N20 per share.

Total turnover stood at 323.95 million shares valued at N4.40 billion in 5,168 deals. Sterling Bank was the most active stock with 43.62 million shares valued at N43.52 million. Diamond Bank followed with 36.96 million shares valued at N55.49 million shares while FBN Holdings placed third with 33.03 million shares worth N303.22 million.

Analysts at Afrinvest Securities noted that Wednesday’s market performance was largely due to sustained profit-taking in large cap stocks.

“However, we expect a kickback in subsequent trading sessions in anticipation of the usual year-end rally,” Afrinvest Securities stated.

 

RipplesNigeria… without borders, without fears

Click here to join the Ripples Nigeria WhatsApp group for latest updates.

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