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Equities continue decline with N23b loss

Published by The Nation on Wed, 04 Dec 2019

Taofik SalakoNIGERIAN equities continued on the decline on Tuesday as widespread selloffs across the sectors shaved off N23 billion from stocks market values.With decliners outstripping advancers for the second consecutive trading session, benchmark indices for the Nigerian stock market dipped further to push the negative average year-to-date return to -14.27 per cent.The All Share Index (ASI)- the common value-based index that tracks share prices at the Nigerian Stock Exchange (NSE), declined by 0.17 per cent from its opening index of 26,990.59 points to close at 26,944.32 points.Aggregate market value of all quoted equities dropped from its opening value of N13.028 trillion to close at N13.005 trillion.Sectoral Indices showed mixed performance. The NSE Insurance Index declined by 0.37 per cent while the NSE Industrial Goods Index dropped by 0.25 per cent. On the positive side, the NSE Banking Index appreciated by 0.38 per cent. The NSE Consumer Goods Index rose by 0.05 per cent while the NSE Oil and Gas Index closed flat.Guinness Nigeria led the 19-stock losers list with a drop of N2 to close at N29. Stanbic IBTC Holdings followed with a drop of N1.35 to close at N36.80. MTN Nigeria declined by N1 to close at N119. CAP dropped by 30 kobo to close at N24 while Lafarge Africa lost 15 kobo to close at N13.85 per share.Read Also:Equities dip on new pricing ruleOn the positive side, Okomu Oil Palm led the 13-stock gainers list with a gain of N4.90 to close at N54.55. Unilever Nigeria and Flour Mills of Nigeria followed with a gain of 75 kobo each to close at N18.45 and N19 respectively. E-Tranzact International appreciated by 23 kobo to close at N2.61 while UAC of Nigeria and Zenith Bank added 20 kobo each to close at N7.50 and N18.80 respectively.Total turnover dropped by 23.2 per cent to 189.01 million shares valued at N2.88 billion in 3,314 deals. Banking stocks dominated activities chart with Access Bank emerging the most active stock with a turnover of 35.41 million shares worth N324.55 million. Guaranty Trust Bank followed with 34.61 million shares worth N 1.05 billion while Zenith Bank placed third with 18.37 million shares valued at N342.41 million.We maintain a bearish outlook on the market in the near term as investors book profit following gains in the prior weeks, Afrinvest Securities stated.
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