AG Leventis, Diamond Bank, Seplat Top Losers’ Table

market trend
  • AG Leventis, Diamond Bank, Seplat Top Losers’ Table

AG Leventis Nigeria Plc, Diamond Bank Plc, Seplat Petroleum Development Company Limited, Glaxo Smithkline Consumer Nigeria Plc and Cadbury Nigeria Plc emerged as the top five losers at the close of trading on the floor of the Nigerian Stock Exchange on Tuesday.

The NSE market capitalisation dropped to N9.464tn from N9.492tn, while the NSE All-Share Index closed at 27,555.31 basis points from 27,634.99 basis points.

A total of 154.161 million shares worth N1.617bn were traded in 2,510 deals.

The NSE ASI extended losses, down by 0.29 per cent as all key sectors, except industrial stocks, depreciated further.

The oil and gas sector remained at the forefront of market declines following continued losses in Seplat, which dropped by five per cent and Oando Plc, which also depreciated by 0.78 per cent.

The financial services sector stocks also plunged after Access Bank Plc recorded 1.43 per cent loss, Guaranty Trust Bank Plc, 0.64 per cent loss and Ecobank Transnational Incorporated Plc, 2.59 per cent loss. These losses outweighed recoveries in FBN Holdings Plc and Zenith Bank Plc, which gained by 2.03 per cent and 0.34 per cent, respectively.

The consumer goods sector was also down albeit mildly, amid mixed performances across Guinness Nigeria Plc with 3.86 per cent loss, Nestle Nigeria Plc with 0.69 per cent loss, PZ Cussons Plc with 2.22 per cent gain and Nigerian Breweries Plc with 0.66 per cent gain.

The industrial goods sector rebounded by 0.33 per cent as Lafarge Africa Plc stocks gained by 0.78 per cent, halting its five-session losing streak.

Market breadth remained negative with 14 advances and 31 declines.

On the global scene, European and Asian stocks traded higher with mining stocks leading gains amid an uptick in global commodity prices (due to a weaker dollar during early trading hours). The United States markets also opened higher as investors focused on a series of better-than-expected quarterly earnings, as well as mixed Consumer Price Index data.

On what will shape today’s (Wednesday) trading session, analysts at Vetiva Capital Management Limited said, “We highlight that market sentiment remains weak given that most stocks remain pressured as indicated by the persistent negative market breadth. In light of this, we maintain a bearish stance on today’s trading session.”

Meanwhile, interbank call rate continued its upward trend to hit 151.67 per cent, reflecting anticipated tighter system liquidity as a result of the Central Bank of Nigeria’s proposed Secondary Market Intervention Sales.

At the foreign exchange interbank market, both the spot rate and the one year forward rate remained unchanged at N305 and N355 respectively.


About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

Be the first to comment on "AG Leventis, Diamond Bank, Seplat Top Losers’ Table"

Leave a comment

Your email address will not be published.