Weak industrial, oil and gas stocks push back capital market gains

Jan 22, 2019
The gaining streak the Nigerian capital market has enjoyed over some trading days was pushed back on Monday, with investors losing N102 billion.
 
The push back was occassioned by weaker tech, industrial and oil and gas stocks, just as sell-offs in the stocks sent the equity benchmarks lower.
 
The market, which gained N723 billion in five consecutive days, saw 14 per cent of the gains wiped off on Monday as the market capitalisation of equities listed on the Nigerian Stock Exchange (NSE) dropped to N11.460 trillion from N11.562 trillion on Friday.
 
The All Share Index declined by 0.88 per cent to settle at 30,732.72 basis points from the 31,005.17 bps recorded on Friday.
 
The year-to-date return settled at -2.2 per cent.
 
499.212 million shares valued at N5.531bn exchanged hands in 3,874 deals.
 
At the end of trading on Monday, 13 firms gained against the 18 laggards.
 
Oil and gas stocks led by Seplat Petroleum Development Company Plc recorded the biggest drag on the Exchange with a 4.55 per cent decline.
 
Other oil and gas stocks that recorded declines were 11 Plc and Eterna Plc.
 
Bank stocks led by Unity Bank Plc recorded a 0.14 per cent decline.
 
While Unity Bank saw its share price drop by 4.40 per cent, three other bank stocks ― Wema Bank Plc, Diamond Bank Plc and Guaranty Trust Bank Plc ― each recorded respective declines of 1.61 per cent, 0.95 per cent and 0.78 per cent.
 
Insurance and industrial stocks however recorded gains.
 
The industrial sector gained 0.97 per cent but witnessed sell-offs in its major stocks ― Dangote Cement Plc and Lafarge Africa Plc.
 
Lafarge’s share price dropped by 3.13 per cent, while Dangote’s share price fell by 2.51 per cent.
 
Losses in Sovereign Trust Insurance Plc and Mutual Benefits Assurance Plc, notwithstanding, insurance index gained 1.51 per cent.
 
The consumer goods index saw no changes at the end of trading on the floor of the Exchange on Monday.
 
 
Source: NAN
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