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Equities continue downtrend with N124b loss

Equities continue downtrend with N124b loss

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The downtrend at the Nigerian equities market worsened yesterday as investors continued a selling spree that had seen the market opening the second half with a loss of N120 billion. Altogether, Nigerian equities have lost N244 billion in the first two trading session in the second half.

With more than two losers for every gainer, average benchmark indices at the Nigerian Stock Exchange declined by 0.9 per cent, representing a net capital depreciation of N124 billion. This further depressed the negative average year-to-date return to -1.7 per cent.

Aggregate market value of all quoted equities dropped from its opening value of N13.746 trillion to close at N13.622 trillion. The All Share Index (ASI) also declined from its opening index of 37,946.92 points to close at 37,605.12 points.

All sectoral indices closed in the red with the exception of the NSE Insurance Index, which rose by 0.6 per cent. The NSE Industrial Goods Index declined by 1.5 per cent. The NSE Banking Index dropped by 1.3 per cent. The NSE Oil & Gas Index lost 1.2 per cent while the NSE Consumer Goods Index dipped by 1.1 per cent.

There were 30 losers against gainers. Nestle Nigeria led the losers with a drop of N65 to close at N1,510. 11 followed with a loss of N9.90 to close at N190. Lafarge Africa declined by N1.50 to close at N39.45. Dangote Cement dropped by N1.30 to close at N222.80 while Cadbury Nigeria declined by 70 kobo to close at N12.30 per share.

On the positive side, Beta Glass led the contrarian stocks with a gain of N4.15 to close at N90.45. Unilever Nigeria followed with a gain of N2.50 to close at N55. Nigerian Breweries added 80 kobo to close at N113.90. Red Star Express chalked up 50 kobo to close at N6.50 while Custodian Investment rose by 38 kobo to close at N5.50 per share.

Total turnover stood at 254.8 million shares valued at N2.6 billion. Multiverse was the most active stock with a turnover of 100 million shares valued at N20 million. Zenith Bank followed with a turnover of 16.5 million shares worth N403.28 million while Guaranty Trust Bank placed third with 13.01 million shares worth N515.96 million.

“In line with our expectation, market performance was bearish today and we expect this to be sustained in subsequent sessions as investor sentiment stays soft. However, we do not rule out the possibility of some end of the week bargain hunting as investors take advantage of attractive market prices,” Afrinvest Securities stated.

Analysts at the SCM Capital said they expected the market to remain downbeat.

 

 

The post Equities continue downtrend with N124b loss appeared first on The Nation Nigeria.

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