15 May 2018

Nigeria: Indices Sustain Sliding Profile, As Market Loses N125 Billion

The reign of the bears have continued unabated on the equity sector of the Nigerian Stock Exchange (NSE), as virtually all the blue chip stocks suffered piece depreciation, as investors wealth dipped further by N125billion.

Specifically, at the close of transactions yesterday, 32 stocks recorded price depreciation while 11 constituted the losers chart.

Consequently, the All-share index, which measures the performance of listed stocks, plunged by 344.7 points or 0.8 per cent from 41,022.31 recorded on Friday to 40,677.6.

Also, the market capitalisation of listed stocks dipped by N125billion to N14.734trillion from N14.859trillion.

Analysts at Cordros Capital said: "Despite the loss in yesterday's session, we reiterate our bullish bias for equities in the medium to long term as still-positive, macro-economic fundamentals continue to make a case for positive returns."

Further analysis of yesterday's trading showed that Nestle topped the losers' chart with N50.00 kobo to close at N1,530 per share, while Okomuoil followed with N4.50 kobo to close at N85.50 kobo per share.

Nigerian Breweries lost N2.50 kobo to close at N122.00 per share. Dangote Cement shed N243.50 kobo to close at N1.50 kobo per share. Oando dropped N0.40 kobo to close at N7.75 kobo per share.

Caverton emerged the day's highest price gainer with N0.13 kobo to close at N2.74 per share, while Fidson followed with N0.11 kobo to close at N5.49 per share.

Cutix appreciated by N0.10 kobo to close at N3.15 per share.

First City Monument Bank garnered N0.09 kobo to close at N2.63 per share. Eterna Oil also gained N0.07 kobo to close at N7.00 per share.

On the activity chart, United Bank for Africa dominated in volume term with 60 million shares worth N706million, while First City Monument Bank followed with 17 million units worth N45million.

Sovereign Insurance accounted for 12 million units worth N2.5million. FBN Holdings traded 11 million units worth N143million. Fidelity Bank exchanged 10 million shares worth N25million.

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