Industrial Goods Stocks Sink NSE Further by 0.27%

By Dipo Olowookere

Industrial goods stocks extended the stay of bears on Customs Street, Lagos to fourth straight days, inflicting a 0.27 percent deep cut on the market on Thursday.

This reduced the year-to-date gain of the Nigerian Stock Exchange (NSE) to 8.12 percent at the close of transactions yesterday. The local bourse is yet to record a positive performance this week.

The industrial goods index was the biggest loser at the market, going down 2.11 percent, while the oil/gas sector followed with a loss of 0.50 percent, with the consumer goods depreciating by 0.04 percent.

However, the banking index bounced back yesterday, rising by 0.55 percent, while the insurance industry appreciated by 2.07 percent. But their gains were not enough to lift the NSE index.

Business Post reports that at the close of transactions, the All-Share Index (ASI) reduced by 79.97 points to settle at 29,030.93 points, while the market capitalisation went down by N41 billion to close at N14.954 trillion.

Lafarge Africa was the day’s heaviest price loser as shares of the cement firm declined by N1.20 to finish at N15.75 per unit, while UAC Nigeria dropped N1 to settle at N9 per share.

BUA Cement went down by 85 kobo to close at N36.75 per share, PZ Cussons depreciated by 20 kobo to end at N5.65 per unit, while Access Bank reduced by 15 kobo to sell at N9.65 per unit.

Flipping the coin to the other side, GTBank took the juiciest spot on the gainers’ chart after adding 90 kobo to its share price to close for the day at N31 per share.

Julius Berger gained 25 kobo to sell at N22.50 per unit, NEM Insurance rose by 20 kobo to trade at N2.40 per unit, Cornerstone Insurance improved by 5 kobo to quote at 59 kobo per share, while Unity Bank appreciated by 4 kobo to exchange at 64 per unit.

Transaction level improved on Thursday despite the negative closure of the market as investors traded a total of 266.9 million shares worth N9.0 billion in 4,322 deals compared with the 242.8 million equities valued at N4.6 billion transacted on Wednesday in 3,556 deals.

This indicated a 9.94 percent rise in the trading volume, 96.37 percent growth in the value and 21.54 percent jump in the number of trades executed during the session.

It was observed that traders mopped up some stocks trading below their true value yesterday, resulting in GTBank emerging the most active stock with 75.7 million units traded for N2.3 billion.

MTN Nigeria transacted 37.6 million shares worth N4.6 billion, UBA exchanged 26.9 million equities valued at N221.0 million, Zenith Bank traded 24.0 million units for N507.3 million, while Unilever Nigeria transacted 21.8 million equities worth N327.0 million.