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Equities Remain Down as Investors Lose N11b

By Modupe Gbadeyanka

Investors at the Nigerian stock market lost N11 billion on Thursday following decisions by some of them to sell-off their holdings.

This further deepened the Nigerian Stock Exchange (NSE) in the negative territory and made it the third consecutive time this week that the market was closing bearish.

At the close of transactions yesterday, the stock market was down by 0.09 percent with the year-to-date loss standing at 15.22 percent.

Specifically, the All-Share Index (ASI) went down by 30.46 points to close at 32,423.57 points, while the market capitalisation decreased by N11 billion to finish at N11.837 trillion.

Business Post reports that the loss recorded by the local bourse yesterday mainly due to the fall in the value of Okomu Oil and 18 other companies trading their shares at the exchange.

For example, Okomu Oil lost N3.80k of its share value to close the day at N73.20k per share, leading the top losers’ chart as a result of this.

It was followed by Nigerian Breweries, which depreciated by N2.50k to end at N86.50k per share, and GlaxoSmithKline, which went down by 50 kobo to settle at N14 per share.

Ecobank fell by 35 kobo to close at N17.50k per share, while Dangote Sugar depreciated by 15 kobo to end at N14.35k per share.

However, a total of 18 stocks appreciated in price on Thursday with CCNN leading the pack after increasing by N1.80k to settle at N25 per share.

It was trailed by Forte Oil, which rose by 70 kobo to end at N22.10k per share, and Zenith Bank, which went up by 60 kobo to close at N22.40k per share.

Cutix grew 43 kobo to end at N4.73k per share, while Flour Mills jumped by 20 kobo to hang at N19.95k per share.

Unlike the previous session, the volume and value of transactions yesterday went up by 10.69 percent and 7.82 percent respectively.

A total of 151.4 million shares worth N1.5 billion exchanged hands on Thursday in 2,356 deals compared with the 136.7 million equities valued N1.4 billion traded on Wednesday in 2,889 deals by investors.

These trades were buoyed by the Financial Services sector, which accounted for 109.1 million shares worth N1 billion, and the Consumer Goods industry, which traded 21.1 million equities value at N389 million.

At the end of the day, FCMB maintained its spot as the most traded stocks at the market, selling 28.9 million units worth N49.9 million.

Fidelity Bank followed with 19.1 million units of its shares sold for N35.5 million, while GTBank exchanged 18.2 million units valued at N671.8 million.

NASCON traded 17.1 million equities for N316.3 million, while RT Briscoe transacted 6.6 million shares worth N2.8 million.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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