NB Plc, Guinness Drag Stock Market to 0.17% Loss

By Modupe Gbadeyanka

Sell-offs in blue chip equities on the Nigerian Stock Exchange (NSE) forced the market to close on Tuesday in the red zone, reversing the previous day’s marginal gain.

Nigerian Breweries, Guinness and Forte Oil suffered losses on the floor of the NSE today, leaving the benchmark index with a 0.17 percent loss.

Business Post reports that at the close of market activities on the NSE, investors lost a total of N15.4 billion, leaving the market capitalisation to end at N8.77 trillion.

Similarly, the all-share index depreciated by 44.34 points to close at 25,329.08 points, while the YTD return closed at -5.75 percent.

However, the volume of shares traded at the market today as well as the value appreciated with investors transacting a total of 444.5 million shares worth N3.6 billion in 3,336 deals in contrast to 255 million units sold on Monday at N2.5 billion in 3,373 deals.

In the price movement chart, Nigerian Breweries lost N2.80k to close at N129.20k per share, while Guinness shed N2.65k to finish N65.35k per share.

In the same vein, Forte Oil crashed by N2.51k to close at N47.69k per share, Dangote Sugar shook off 17k to end at N6.2k per share and Presco declined by 10k to finish at N47 per share.

However, on the flip side, Total went up by N9.99k to close at N283 per share, Okomu Oil gained 2.20k to end at N46.38k per share and UACN appreciated by 65k to finish at N13.65k per share.

Also, Stanbic IBTC rose by 62k to close at N17.98k per share, while Air Service progressed by 13k to finish at N2.88k per share.

At the market today, a total of 15 stocks appreciated in price compared with 12 equities that went down.

But despite today’s odds, investors are upbeat that the market would pick up tomorrow.