Investors Wail as Bears Devour Nigerian Stocks by 0.06%

By Dipo Olowookere

The nation’s stock market was further battered by the bears on Friday by 0.06 per cent as investors continue to rebalance their portfolios.

This deepened the year-to-date loss to 0.21 per cent as the news of Nigeria’s exit from recession on Thursday could not change the minds of investors.

At the close of business yesterday, the All-Share Index (ASI) of the Nigerian Stock Exchange (NSE) reduced by 25.49 points to settle at 40,186.70 points from 40,212.19 points of the preceding session, while the market capitalisation decreased by N11 billion to N21.026 trillion from N21.037 trillion.

A look at the sectoral performance showed that insurance, energy and industrial goods sectors depreciated by 1.83 per cent, 1.82 per cent and 0.15 per cent respectively, while the banking and consumer goods counters grew by 1.95 per cent and 0.08 per cent respectively.

Stanbic IBTC was the heaviest price loser, declining by 10.00 per cent to close at N38.70 per share and was trailed by May & Baker lost 9.89 per cent to finish at N4.19 per unit.

Multiverse depreciated by 8.33 per cent to trade at 22 kobo per share, Neimeth dropped 7.80 per cent to end at N2.01 per unit, while Royal Exchange fell by 7.41 per cent to settle at 25 kobo per share.

At the other side, Livestock Feeds ended the session as the biggest price gainer, rising by 9.27 per cent to quote at N2.24 per unit.

Portland Paints gained 8.70 per cent to close at N3.25 per share, FTN Cocoa grew by 8.16 per cent to 53 kobo per unit, United Capital appreciated by 6.19 per cent to settle at N6.35 per share, while Africa Prudential grew by 5.80 per cent to N7.30 per unit.

Unlike the previous day, the level of activity waned on Friday as a result of the 27.80 per cent decline in the trading volume, 38.84 per cent fall in the trading value and 11.65 per cent reduction in the number of deals.

During the session, Business Post observed that investors traded 307.8 million stocks worth N2.9 billion in 4,393 deals as against the 426.3 million shares worth N4.8 billion traded in 4,972 deals on Thursday.

FBN Holdings was the most active equity with the sale of 85.6 million units worth N624.7 million and was trailed by United Capital, which exchanged 53.3 million shares for N341.8 million.

UBA transacted 23.4 million equities valued at N193.0 million, Zenith Bank traded 17.6 million stocks for N432.0 million while GTBank exchanged 11.5 million shares for N348.6 million.