Stocks Reopen With N45bn Loss
Nigerian equities continued on the downward trend yesterday as investors continued their portfolio realignment across the sectors.
Benchmark indices at the Nigerian Stock Exchange (NSE) indicated average decline of 0.22 per cent yesterday, equivalent to net capital depreciation of N45.3 billion. This further depressed the average year-to-date return to -4.2 per cent.
The All Share Index (ASI)- the common value-based index that tracks share prices at the NSE, dropped to 38,561.84 points as against its opening index of 38,648.48 points. Aggregate market value of all quoted equities dropped from its opening value of N20.221 trillion to close at N20.176 trillion.
With 17 gainers to 18 losers, the negative overall market position was driven largely by losses recorded in the banking and consumer goods sectors. The NSE Consumer Goods Index dropped by 1.5 per cent. The NSE Banking Index dipped by 1.0 per cent while the NSE Industrial Goods Index closed flat.
Meanwhile, the NSE Insurance Index appreciated by 2.0 per cent while the NSE Oil and Gas Index rose by 0.7 per cent.
Coronation Insurance recorded the highest gain, in percentage terms, with a gain of 10 per cent. Northern Nigeria Flour Mills followed with a gain of 9.7 per cent while Smurfit placed third with 9.7 per cent. On the negative side, Regency Assurance led the losers with a drop of 9.1 per cent. Livestock Feeds followed with a loss of 8.5 per cent while Nigerian Breweries dropped by 5.3 per cent.
The momentum of activities also slowed down with a total turnover of at 184.53 million shares worth N2.52 billion in 3,527 deals. FBN Holdings was the most active stock with a turnover of 31.1 million shares valued at N226 million. Notore Chemical and Allied Industries followed with a turnover of 22 million shares worth N1.4 billion.
“We expect to see sustained sell pressures as investors lean towards the fixed income space,” Afrinvest Securities stated.
