Equities Slide More As Dangote Sugar, AfriPrud, UBA Gain
Dangote Sugar Refinery Plc, Africa Prudential Plc and United Bank for Africa Plc emerged as the top gainers on Thursday after the Nigerian Stock Exchange extended losses to fourth consecutive session.
The All-Share Index fell by 99 basis points to close at 43,529.06 points while the year-to-date return moderated to 13.8 per cent.
Investor sentiment improved consequent on 21 stocks advancing against 30 decliners. Dangote Sugar, AfriPrud and UBA appreciated respectively by 10.2 per cent, 4.2 per cent and 4.1 per cent, respectively, while the worst performers were Glaxosmith Kline Consumer Plc, Caverton Offshore Support Group Plc and Diamond Bank Plc, which shed 9.7 per cent, 9.4 per cent and 9.2 per cent, accordingly.
As a result, investors lost N155.7bn as the NSE equities market capitalisation fell to N15.603tn. Sell pressures across board especially in banking stocks continued to weigh on performance, as Guaranty Trust Bank Plc, Stanbic IBTC Holdings Plc and Diamond Bank Plc, recorded two per cent, five per cent and 9.3 per cent drop, respectively.
However, activity level was mixed as volume traded declined by 6.6 per cent to 500.847 million units while value traded rose by 28 per cent to settle at N6.634bn, respectively.
Sector performance was mixed as two of the five indices closed in the red, two appreciated and the other flat. The industrial goods index led losers, down by two per cent following losses in Dangote Cement Plc, which slid by 3.3 per cent.
In the same vein, the banking index dropped by 0.4 per cent consequent on price depreciation in GTBank, Diamond Bank and Ecobank Transnational Incorporated Plc.
However, the consumer goods index emerged the top gainer closing the day 0.7 per cent higher, as Dangote Sugar and Nestle Nigeria Plc appreciated accordingly by 10.2 per cent and 1.7 per cent.
The oil/gas index also appreciated, by 0.3 per cent, following a rally in Seplat Petroleum Development Company Plc , which gained 1.1 per cent. The insurance index closed the day flat.
“We expect a negative close to the week following four consecutive days of losses as investors continue to lock in profits,” Afrinvest Securities analysts said in a post.