Nigerian Equities Drop To One-year Low After 1.29% Loss Thursday


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For the first time in nearly a year, the All-Share Index (ASI) of the Nigerian Stock Exchange (NSE) dropped below the 35,000 mark on Thursday after losing 457.70 points to close at 34,618.43 points, the lowest point it has closed in more than one year.
Business Post reports that the last time the index slipped below 35,000 was on September 19, 2017 when it ended at 34,846.82 points, while it finished below today’s point on July 21, 2017 at 34,020.37 points.

It was observed that the market breadth remained negative despite the increase in market activities today on the trading floor of the exchange.

At the close of business, a total of 29 stocks depreciated in value, while only 16 equities managed to record price appreciation.

While the volume of shares transacted today rose by 13.49 percent to 237.8 million from 209.5 million, the value appreciated by 6.5 percent to N3.1 billion from N3 billion recorded yesterday.

Dangote Cement emerged as the day’s highest price loser after shedding N8 of its share value to settle at N206 per share. The stock has lost 10.43 percent this year alone with a 52-week low of N204.52k and 52-week high of N278.

Total Nigeria lost N7 today to close at N183 per share, while United Bank for Africa went down by 55 kobo to finish at N8.35k per share.

Newrest ASL Nigeria fell by 45 kobo to end at N4.05k per share, while NASCON depreciated by 30 kobo to close at N20 per share.

At the other side, Okomu Oil topped the gainers’ chart today after increasing by N1.45k to finish at N74.55k per share.

It was followed by Oando, which gained 40 kobo to close at N4.95k per share, and GTBank, which rose by 30 kobo to settle at N38.05k per share.

Portland Paints appreciated by 22 kobo today to end at N2.47k per share, while Axa Mansard garnered 15 kobo to close at N2.53k per share.

A look at the activity chart showed that the buying interest in the stock of United Bank for Africa continued today with a total of 36.5 million units worth N319.4 million transacted.

GTBank exchanged 23.5 million equities valued at N892.4 million, while FBN Holdings traded 21 million units of its stocks for N203.3 million.

Zenith Bank transacted 17.4 million shares worth N398.4 million, while International Breweries sold 13.1 million equities for N461.8 million.

Business Post reports that the equity capitalisation today recorded a loss of N167 billion to settle at N12.639 trillion.

With the huge loss recorded today, analysts at Business Post expect bargain-hunting to commence tomorrow because of the low prices stocks have fallen into.

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