Nigeria Equities Market Commences Week on Negative Note, Drops by N126.86bn


By Darasimi Adebisi

The Nigerian equities market commenced this week on a bearish note, as investors profit-taking in mid-high capitalised companies down the market by N126.86billion.

About N33.13billion and N76.14billion investors profit-taking in Dangote Cement Plc and Zenith Bank Plc respectively was a major factor attributable to stock market depreciation yesterday.

The value of all listed companies on Nigerian Exchange Limited (NGX) dropped by 0.63 per cent or N126.86billion to N20.094trillion from N20.220 trillion it opened for trading.

Similarly, the local bourse closed negative as NSE- All-Share Index (ASI) dropped by 0.63 per cent or 243.49 basis points to close at 38,567.26 basis points from 38,810.75 basis points.

Sector performances were mixed yesterday as negative sentiment trading by investors down the NGX Banking, Insurance and Industrial indices while NGX Oil/Gas Index appreciated.

Despite price appreciation in share prices of GTCO, Access Bank Plc, United Bank for Africa Plc and Fidelity Bank Plc, the NGX Banking index dropped by 0.053 per cent to 378.95 basis points from 379.15 basis points.

Profit-taking in Dangote cement Plc down the NGX Industrial Index by 1.76 per cent to 1,936.44 basis points from 1,971.04 basis points it opened for trading yesterday.

Conversely, renewed interest in Conoil Plc lifted the NGX Oil/Gas Index by 1.01 per cent to N378.44 basis points from N374.64 basis points it closed last week.

The market breadth closed negatively, recording 19 gainers as against 18losers.

Conoil recorded the highest price gain of 9.83 per cent to close at N22.35, per share. Northern N Flour Mills followed with a gain 9.76 per cent to close at N6.75 kobo, while Sky Aviation went up by 9.18 per cent to close at 3.45 kobo, per share.

Academy rose by 7.89 per cent to close at 41 kobo, while Sunu Asurance gained 4.44 per cent each to close at N0.47 kobo, per share.

On the other hand, UPL led the losers’ chart by 9.79 per cent to close at N1.29. Linkage Assurance came close with 7.81 per cent to close at N7.81, while NPF Microfinance followed with a decline of 4.26 per cent to close at N1.80 kobo, per share.

Veritas Kapital Assurance lost 4.17 per cent to close at 23 kobo, while Courteville Business Solutions shed four per cent to close at 24 kobo, per share.

The total volume of trades increased by 16.20 per cent to 194.950 million units, valued at N1.014 billion, and exchanged in 3,830 deals. Transactions in the shares of Wema Bank topped the activity chart with 25.770 million shares valued at N22.329 million. Ellah Lakes followed with 25.025 million shares worth N106.356 million, while Fidelity Bank traded 16.14 million shares valued at N38.649 million.

Consolidated Hallmark Insurance traded 12.464 million shares valued at N6.808 million, while FCMB Group transacted 9.468 million shares worth N29.304 million.