Nigerian Breweries Leads Stock Market to 0.14% Loss

By Dipo Olowookere

The nation’s stock market commenced trading activities on Monday on the wrong note after posting a 0.14 percent decline to reverse the gains recorded last Friday.

The equity market closed bearish yesterday despite finishing with 24 price gainers led by Nestle Nigeria as against 19 price losers led by Nigerian Breweries.

Business Post reports that the performance of the Nigerian Stock Exchange (NSE) on Monday was dragged down by the losses posted by the banking, insurance and industrial sectors.

The banking index went down by 1.42 percent during Monday’s session, while the industrial index depreciated by 1.24 percent, with the insurance index going down by 1.06 percent.

However, the consumer goods index appreciated by 1.13 percent, while the oil and gas index went up by 0.39 percent.

At the close of business yesterday, the All-Share Index (ASI) decreased by 42.09 points to settle at 29,809.20 points, while the market capitalisation reduced by N19 billion to close at N13.136 trillion.

Despite the overall loss seen at the market yesterday, the level of activity significantly improved with the volume of shares traded by investors increasing by 202 percent, while the value rose by 145.4 percent.

A total of 573.7 million equities worth N10.2 billion exchanged hands on Monday in 4,076 deals in contrast to the 190 million shares worth N4.2 billion transacted in 3,089 deals last Friday.

A further analysis showed that Zenith Bank was the most active stock, closing with a turnover of 355.2 million units sold for N7.1 billion.

Access Bank followed with 35.7 million units traded for N240.8 million, while Lafarge Africa exchanged 32.5 million shares valued at N388.9 million.

GTBank traded 25.8 million equities worth N802.1 million, while LASACO sold 15 million shares valued at N4.6 million.

On the price movement chart, Nigerian Breweries topped the losers’ table with a loss of N1.50k to settle at N58.50k per unit.

CCNN went down by N1.35k to end at N12.15k per share, while Ecobank lost N1.10k to close at N10.25k per unit.

Dangote Sugar posted a decline of 95 kobo to quote at N11.45k per share, while Access Bank went down by 30 kobo to close at N6.60k per share.

On the other hand, Nestle Nigeria emerged the highest price gainer yesterday with a price appreciation of N48.90k to close at N1399.20k per share.

Presco trailed with a gain of N2 to finish at N52 per unit, while Unilever Nigeria appreciated by N1 to end at N32 per share.

GlaxoSmithKline garnered 90 kobo to settle at N10.25k per share, while Guinness Nigeria chalked up 85 kobo to close at N46.60k per share.