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Post election: Stock market sheds N84bn as cautious trading persist

By Peter Egwuatu

Investors yesterday maintained their cautious approach to trading on the Nigeria Stock Exchange (NSE), as the nation continues to wait for the final result of the presidential election,      resulting to N84.4 billion loss in the market capitalisation.

Similarly, the bench mark index, Nigerian Stock Exchange, NSE All Share Index, ASI also    fell by    0.69 percent to close at 32,473.82 following  heavy losses recorded by Nestle Nigeria (-4.4 percent), Union Bank Nigeria, UBN (-8.3percent) and First Bank Nigeria Holding, FBNH (-3.6 percent).

Activity level also remained mixed as volume traded increased 46.6 percent to 322.2 million units while value traded dipped 56.1 percent to N2.4 billion.


The top traded stocks by volume were Access Bank (32.3million units), Diamond Bank (28.6million units) and UBA (19.0million units) while the top values traded were Guaranty Trust Bank (N677.7million), Zenith Bank (N378.1million) and Access Bank (N203.1million).

Sector performance was mixed as 2 out of 5 sectors recorded decline. The Consumer Goods and Banking indices shed 1.6 percent and 1.2 percent respectively, on the back of profit taking in Nestle (-4.4 percent ), Guaranty Trust Bank (-0.1 percent ) and Zenith Bank (-0.8 percent).

On the flipside, the Insurance and Oil & Gas indices improved 3.2 percent and 1.6 percent respectively based on price appreciations    recorded    by  MANSARD Insurance which gained    (+7.3 percent ), followed by AIICO Insurance (+5.4 percent) and OANDO (+9.9 percent) while the Industrial Goods index closed flattish, inching    four bases points, bps following gains in CUTIX (+9.6 percent ).

Investor sentiment as measured by the market breadth moderated as 21 stocks advanced against 20 decliners.

African Prudential led the gainers’ chart rising by 10.0 percent following the release of its full year, FY 2018 result. It was followed by Oando (+9.8 percent) and AG Leventis (+9.7 percent) while NPF Microfinance Bank    led the worst performing stocks, dropping by 9.7 percent,    followed by UBN (-8.3 percent) and Japaul Oil (-7.4 percent.

Analysts at Afrinvest Research said: “Based on market performance today, Tuesday we advise cautious trading till the final results of the presidential elections are announced.”

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