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Nigerian Stock market sheds N135.8bn in suatained New Year losses

Jan 09, 2019

The Nigerian stock market on Tuesday continued its negative trend as investors lost N135.8 billion at the end of trading on the floor of the Nigerian Stock Exchange (NSE).

This followed decline in the share prices of major banks in the country, with banking index dipping by 3.6 percent in sustained losses for the fourth straight trading sessions.

The market capitalisation of equities listed on the NSE dropped from N11.336 trillion on Monday to N11.200 trillion on Tuesday, while the All-Share Index declined by 1.20 per cent from 30,400.28 basis points on Monday to 30,036.15 bps on Tuesday. The year-to-date loss worsened to -4.4 per cent.

Also the level of activity weakened as volume traded declined by 20.1 per cent to 216.248 million units and value traded fell to N2.669 billion, lower by 2.8 per cent.

The top traded stocks by volume were Zenith Bank (32.4 million units), Transnational Corporation of Nigeria (26.4 million units) and GTB (18.7 million units), while Zenith Bank (N840.9m), GTB (N608m) and Dangote Cement Plc (N596.5bn) were the top traded stocks by value.

Again, sectoral index closed in the negative as four closed in the red.

The banking index shed the most, losing 3.6 per cent following sell-offs in GTB and UBA, while the insurance index followed with a loss of 3.3 per cent as a result of the price depreciation recorded by NEM Insurance Plc and Wapic Insurance.

The oil and gas index lost 1.4 per cent on the back of losses in Oando Plc and Forte Oil Plc, while the consumer goods index depreciated by 0.5 per cent as Flour Mills of Nigeria Plc and International Breweries Plc recorded major share price depreciation.

The industrial goods index however emerged as the lone gainer, with a 0.5 per cent increase following gains in Lafarge Africa Plc and Cement Company of Northern Nigeria Plc.

Investor sentiment improved as market breadth inched up to 0.5x, against 0.4x recorded on Monday.

Fourteen stocks recorded gains while 27 stocks that declined.

John Holt Plc, Okomu Oil Palm Plc, Union Bank Nigeria Plc, Lafarge Africa and Honeywell Flour Mill Plc, which saw price gains of 9.09 per cent, 7.93 per cent, 3.45 per cent, 3.08 per cent and 2.70 per cent, respectively to lead as best performing stocks.

On the other hand, the worst-performing stocks on Tuesday were NEM Insurance, Northern Nigeria Flour Mills Plc, Wapic Insurance, Unity Bank Plc and Learn Africa Plc, which saw their respective share prices decline by 9.40 per cent, 9.38 per cent, 9.09 per cent, nine per cent and 8.82 per cent.

Source: The Ripples

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