Ashaka Cement, GSK, Fidson Emerge Top Market Losers

Ashaka Cement Plc, GlaxoSmithkline Consumer Nigeria Plc, Fidson Healthcare Plc, Vitafoam Nigeria Plc and Transnational Corporation of Nigeria Plc emerged as the top five losers at the close of trading on the floor of the Nigerian Stock Exchange on Thursday.

The NSE market capitalisation closed flat, moving from N9.699tn to N9.703tn, while the NSE All_Share Index closed at 28,247.56 basis points from 28236.23 basis points.

An aggregate of 365.374 million shares worth N2.09bn exchanged hands in 2,905 deals.

The equity market closed relatively flat with the ASI edging four basis points amid mixed closes across key sectors. Global markets closed higher following a rally in oil prices as the Organisation of Petroleum Exporting Countries struck an accord to cut production for the first time since 2008.

The oil and gas sector recorded a 3.07 per cent appreciation and was the only key sector to close higher in Thursday’s session supported by 6.92 per cent gain in the share price of Oando Plc, five per cent rise in the share price of Seplat Petroleum Development Company Limited and 4.72 per cent appreciation in the share price of Conoil Plc.

While the industrial goods sector closed flat, the consumer goods sector snapped its five-session gaining streak as GSK’s share price dropped by 4.39per cent, Vitafoam share price dropped by 4.01 per cent and Nigerian Breweries Plc also dropping by 1.07 per cent.

These losses offset advances in Unilever Nigeria Plc and Nestle Nigeria Plc, which appreciated by 3.25 per cent and 1.2 per cent, respectively.

The financial services sector declined by 0.66 per cent, driven by2.25 per cent, 0.94 per cent and 0.51 per cent declines in Guaranty Trust Bank Plc, FBN Holdings Plc and Zenith Bank Plc, respectively.

The market breadth turned positive with 29 advances and 19 declines.

Commenting on the possible outcome of the next trading session, analysts at Vetiva Capital Management Plc,  in the firm’s daily market analysis, said, “Although the widely positive market breadth somewhat suggests improvement in overall market sentiment, we highlight that most bellwether stocks remain under pressure and think this could weigh on the ASI at week close.”

Amid relatively unchanged liquidity, the interbank call rate moderated slightly to 14.33 per cent, dropping 34 basis points. In the foreign Exchange interbank market, the naira appreciated N7.68 to close at N305.31 but the one year forward rate rose N36.60 to N388.20.

The Treasury bills market traded relatively bullish as yields moderated 11 basis points on average. The declines were particularly stark on the long-dated bills as yields on the 322 day-to-maturity and 357DTM  bills declined to 21.40 per cent and 22.16 per cent respectively.

Meanwhile, the bond market continued its bearish streak with yields on most benchmark bonds inching higher. Notably, yield on the 12.50 per cent Federal Government of Nigeria March 2036 bond moderated 10 basis points to 15.03 per cent; but this was outweighed by advances in the yields of the 14.20 per cent FGN March 2024 and 12.14 per cent FGN July 2034 bonds as they closed at 15.02 per cent and 14.94 per cent respectively.