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Banking stocks, others drag NSE Index down by 0.40%

By Peter Egwuatu

Transactions in the equities market on the Nigerian Stock Exchange, NSE on Tuesday remained bearish, as the All Share Index, ASI shed 0.40 percent to close at 36,333.80 points, amidst sell pressure in value stocks.

Nigerian Stock Exchange NSE

The dip in NSE Index was aided by losses in five premium stocks (UBA, Zenith Bank, Access Bank, Lafarge  and Seplat Petroleum) and 17 others companies.

Market breadth closed positive, recording 22 gainers against 21 losers with Seplat topping the laggards’ table with a loss of N60.00 per share to close at N650 per share. CAP trailed behind with a loss of N3.15 to close at N28.35, while Guaranty Trust Bank dropped by 85kobo to close at N39.15 per share.

Lafarge Africa depreciated by 60kobo to close at N29.90, while Forte Oil was down by 55 kobo to close at N23.00 per share.

Conversely, Nigerian Breweries, NB led the gainers’ table, appreciating by N2.10 per share to close at N103 per share.

Flour Mills followed with a gain of 90kobo to close at N25.25 per share, while Air Service improved by 45kobo to close at N4.95 per share.

Cadbury also grew by 45kobo to close at N9.95 per share, while United Capital added 28 kobo to close at N3.08 per share.

Meanwhile, the Month-to-Date , MtD and Year-to-Date , YtD losses in the market increased further to -1.85 percent and -4.99 percent , respectively.

The Oil & Gas (-2.39 percent) index was top loser, following profit taking in Seplat (-8.45 percent) shares. Selloffs in the shares of Zenith Bank (-0.84 percent), WAPCO (-1.97 percent), and Mutual Benefits Assurance (-8.82 percent) led to losses in the Banking (-1.08 percent), Industrial Goods (-0.93 percent), and Insurance (-0.78 percent) Indices.

Meanwhile, the Consumer Goods (+0.63 percent) Index turned positive, owing to interest in Nigerian Breweries, NB (+2.08 percent) shares.

Market breadth turned positive, with 22 gainers and 21 losers, led by Air Service (+10.00 percent) and CAP (-10.00 percent) shares, respectively.

Total volume of trades rose by 36.07 percent to 248.05 million units, valued at N2.25 billion, and exchanged in 3,932 deals.

Analysts at Cordros Capital, a Lagos based investment firm said: “Our outlook for equities in the short to medium term remain conservative, amidst brewing political concerns, and the absence of a one-off positive trigger. However, stable macroeconomic fundamentals remain supportive of recovery in the long term.”

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