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Profit-taking shaves N46bn as equities enter fourth quarter

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NSE RoundUp! Investors dump oil stocks as equities lose N117bn in August

After recording net capital gain of N765 billion in the third quarter, Nigerian equities ended the first trading session in the fourth quarter on Tuesday with a streak of profit-taking. With 22 decliners to 18 advancers, the stock market recorded average day-on-day decline of 0.38 per cent, equivalent to net capital loss of N46 billion.

The decline depressed the average year-to-date return for the Nigerian equities market to 31.37 per cent, as against 31.87 per cent recorded at the close of the third quarter.

The All Share Index (ASI)-the common value-based index that tracks share prices at the Nigerian Stock Exchange (NSE), dropped to 35,306.09 points as against its opening index of 35,439.98 points. Aggregate market value of all quoted equities also dropped from its opening value of N12.217 trillion to close at N12.171 trillion.

Sectoral indices showed mixed performance, underlining the influence of some highly capitalised stocks that dominated each sector. The NSE Banking Index rose by 0.6 per cent. The NSE Industrial Goods Index appreciated by 0.3 per cent while the insurance Index inched up by 0.1 per cent. However, the NSE Consumer Goods Index declined by 0.9 per cent while the NSE Oil & Gas Index dipped by 0.3 per cent.

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Nestle Nigeria-the highest-priced stock at the Exchange, led the decliners with a loss of N5.11 to close at N1,215. Nigerian Breweries-the second most capitalised stock, followed with a loss of N3 to close at N162. Dangote Cement-the most capitalised quoted company, trailed with a drop of N2.99 to close at N210. Forte Oil lost N1.80 to close at N48.10. PZ Cussons Nigeria declined by N1.27 to close at N24.23. GlaxoSmithKline Consumer Nigeria dropped by N1 to close at N21. Cadbury Nigeria dipped by 53 kobo to close at N10.46. Ecobank Transnational Incorporated lost 30 kobo to close at N17.20 per share. United Capital declined by 15 kobo to close at N2.88 while Seplat Petroleum Development Company lost 10 kobo to close at N450 per share.

On the positive side, Total Nigeria led the advancers with a gain of N4 to close at N235. Guinness Nigeria followed with addition of N3.49 to close at N98.50. Lafarge Africa rose by N1.34 to close at N52.02. Zenith Bank added 61 kobo to close at N24.01. Stanbic IBTC Holdings chalked up 51 kobo to close at N40.01. Dangote Sugar Refinery and Union Bank of Nigeria rose by 23 kobo each to close at N13.93 and N5.99 respectively. C & I Leasing added 16 kobo to close at N1.79. United Bank for Africa rose by 15 kobo to close at N8.79 while FBN Holdings chalked up 13 kobo to close at N5.77 per share.

Turnover was above average with the exchange of 634.32 million shares valued at N5.79 billion in 3,850 deals. FCMB Group was the most active stock with a turnover of 370.40 million shares worth N378 million. FBN Holdings placed second with 33.99 million shares valued at N193.59 million while Guaranty Trust Bank ranked third with 33.48 million shares worth N1.34 billion.

“In the interim, there are no market drivers, but we expect market sentiment to improve as the earnings season begins today,” Afrinvest Securities stated.

 

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