DANGCEM led 17 others to 0.40% equities market decline

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A logo sits on a glass panel in the reception area at the Nigerian Stock Exchange (NSE) in Lagos, Nigeria, on Monday, Oct. 26, 2015. Nigeria plans to create a $25 billion fund with public and private financing to modernize infrastructure and avoid a recession, Vice President Yemi Osinbajo said. Photographer: George Osodi/Bloomberg

The Nigeria bourse opened the new week on a negative sentiment following the price depreciation on the market’s blue-chip stocks such as DANGCEM, GTCO, ZENITHBANK and 15 others.

Resultantly, the market performance indicators (All-Share Index and Market Cap.) declined by 158.98bps and ₦82.83 billion, representing a 0.40 percent dip to close at 39,326.67 and ₦20.49 trillion, respectively.

→ However, market activities were mixed, as the total volume traded appreciated by 29.27 percent, while the value of stocks traded on the exchange depreciated by 17.03 percent.

A total of 301.01 million units of shares valued at ₦1.54 billion were traded in 4,714 deals.

led the volume chart, accounting for 17.17 percent of the total volume of trades, followed by HONYFLOUR (14.53%), CHIPLC (5.85%), OANDO (5.35%), and UPDC (5.02%) to complete the top five on the volume chart.

ZENITHBANK led the value chart with 14.35 percent of the total value of trade on the exchange.

→ HONYFLOUR led the advancers’ table with price appreciation of 9.86 percent, while CHAMPION led the decliners’ table as its share price declined by 7.73 percent to close at ₦2.03. other depreciated stocks are ETERNA (-7.20%), ETI (3.67%), DANGCEM (-2.64%), NEM (-1.53%), ACCESS (-1.10%), ZENITHBANK (-0.61%) and GTCO (-0.18%) amongst others.

→ We expect investors to reverse the negative sentiment in the next trading day, taking advantage of price depreciation in market bellwethers.