Nigerian Stocks Further Drown in Losses, Down 0.46%

By Dipo Olowookere

The Nigerian Stock Exchange (NSE) remained bearish on Tuesday after going down by 0.46 percent to stretch the year-to-date loss to 11.49 percent. This was caused by the huge losses posted by equities in the consumer goods sector as well as those in the banking industry.

The poor performance of these stocks consequently dragged the All-Share Index (ASI) lower by 129.79 points to 27,820.57 points and the market capitalisation by N64 billion to N13.558 trillion.

Business Post reports that Nestle Nigeria dominated the losers’ chart at the market yesterday after losing N10.50k to finish at N1299.50k per share. Nigerian Breweries depreciated by N5 to close at N55 per unit, while Dangote Flour declined by 30 kobo to settle at N19.30k.

Furthermore, GTBank decreased by 20 kobo to end at N28.50k per unit, while UBA fell by 10 kobo to exchange at N5.80k per share.

On the other hand, Julius Berger topped the gainers’ table yesterday, appreciating by 65 kobo to close at N18.75k per unit. It was followed by Vitafoam, which gained 21 kobo to finish at N4.30k per share, and Lafarge Africa, which appreciated by 20 kobo to exchange at N14.60k per unit.

Also, Dangote Sugar improved by 20 kobo on Tuesday to finish at N10.80k per share, while CCNN increased its share price by 20k too to settle at N11.95k per unit.

Despite the overall market performance yesterday, the volume and value of transactions improved significantly by 66.70 percent and 101.24 percent respectively. The volume of equities traded by investors increased to 155.2 million from 93.1 million, while the value rose to N2.2 billion from N1.1 billion.

GTBank emerged the most traded equity on Tuesday, closing with a turnover of 22.3 million units worth N640.1 million and was followed by UBA, which sold 21.2 million shares worth N123.8 million.

Zenith Bank exchanged 15 million equities for N276.3 million, FBN Holdings transacted 12.1 million shares valued at N67.5 million, while African Alliance Insurance traded 10 million shares worth N2 million.