Nigerian Stocks Stumble by 0.11% After Early Gains Disappear

By Modupe Gbadeyanka

The Nigerian Stock Exchange (NSE) recorded its first loss in the month of August 2017 at the close of trading session on Thursday.

Heavy losses recorded by oil and gas stocks led by Total Nigeria and Forte Oil dragged the market south by 0.11 percent.

At the resumption of trading activities on the floor of the NSE on Thursday, the market was looking like it would close in the green zone, but at the warp of transactions, it settled in the red territory, bringing an end to the seven-day winning streak.

Business Post reports that the All-Share Index (ASI) depreciated by 41.17 points to settle at 38,102.85 points, and consequently trimmed the year-to-date gain to 41.78 percent.

Also, the market capitalisation flattened by N14.2 billion to finish at N13.1 trillion, while the market breadth closed negative with 27 losers and 20 gainers.

The losers’ chart was led by Total, shedding N11 to close at N249 per share, while Forte Oil followed with N5.78k loss to end at N53.76k per share.

Also, Dangote Sugar depreciated by 69k to settle at N13.56k per share, NASCON fell by 66k to end at N12.57k per share, and Zenith Bank weakened by 50k to close at N24 per share.

On the flip side, Nestle maintained its strong performance at the market with N16.1k added to share price to settle at N1216.1k per share.

Guinness Nigeria rose by N3.50k to close at N91 per share, while Unilever advanced by N2.5k to finish at N43.5k per share.

Furthermore, Stanbic IBTC progressed by N1.50k to finish at N40 per share, and Conoil appreciated by N1.44k to end at N34.30k per share.

At the close of trading activities on Thursday, Access Bank emerged the most active stock with 70 million shares transacted at N712.4 million.

It was followed by Zenith Bank, which sold 58.8 million shares for N1.4 billion, and FCMB, which exchanged 47.2 million shares valued at N57.3 million.

In addition, Diamond Bank traded 33.2 million shares worth N43.2 million, while GTBank transacted 26.8 million at N1.1 billion.

However, the total volume of shares traded on the floor of the NSE today closed higher, while the value finished lower.

At the end of transactions today, investors exchanged 362.7 million shares in 4,055 deals worth N5.6 billion, in contrast to 328.7 million shares traded in 4,983 deals yesterday valued at N6.1 billion.

Despite Thursday’s loss, investors are optimistic that the market will bounce back tomorrow, the last trading day for the week.