Nigerian Stocks Sustain Downtrend with 1.33% Loss

November 30, 2018
Nigerian Stocks

By Dipo Olowookere

For the fourth consecutive time this week, the Nigerian Stock Exchange (NSE) ended in the red territory despite a sharp increase in the volume and value of shares transacted during the trading session.

The stock market closed 1.33 percent lower yesterday, sinking the year-to-date loss deeper to 19.96 percent at the close of business.

This was as the volume of equities traded rose by 100.37 percent from 220.4 million to 441.6 million and the value of shares grew by 63.58 percent from N2.7 billion to N4.5 billion.

Business Post reports that the expected release of the third quarter results of FCMB on Thursday did not do enough to lift the market despite its impressive performance.

At the close of transactions yesterday, the All-Share Index (ASI) was lower by 411.92 points, finishing below the 31,000 mark at 30,611.55 points. Also, the market capitalisation reduced by N150 billion to settle at N11.176 trillion.

It was observed that the market performed woefully as a result of the performances of some blue-chip stocks yesterday.

Dangote Cement was the day’s most underperformer after recording a loss of N5 to close at N185 per share, while GTBank followed with a decline of N1.30k to end at N34.30k per share.

Cadbury Nigeria fell by 50 kobo to finish at N9.50k per share, UBA depreciated by 30 kobo to end at N7.05k per share, while FBN Holdings also went down by 30 kobo to quote at N6.80k per share.

On the flip side, Access Bank topped the gainers’ table on Thursday after adding 50 kobo to its share value to finish at N7.50k per share.

Nigerian Breweries followed with a gain of 40 kobo to end at N79.40k per share, while Forte Oil garnered 30 kobo to close at N17.65k per share.

Ikeja Hotel appreciated by 15 kobo to settle at N1.68k per share, while Continental Reinsurance rose by 13 kobo to close at N2 per share.

On the activity chart, financial stocks topped the log with a sale of 413.9 million stocks worth N4 billion, while conglomerates equities followed with a turnover of 9.9 million units sold for N11 million.

A breakdown of the trades showed that Universal Insurance was the busiest, exchanging a total of 150.1 million units of the stock for N30 million.

It was followed by Access Bank, which traded 73.6 million shares worth N503 million, and Stanbic IBTC, which transacted 43.9 million equities for N2.2 billion.

Diamond Bank sold 41.3 million shares valued at N27.5 million, while Zenith Bank exchanged 22.3 million shares worth N515.2 million.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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