Equities Market Ends Gaining Streak, Sheds N19bn

Trading floor stock exchange market nseTrading Floor Stock Exchange Market NSE
  • Equities Market Ends Gaining Streak, Sheds N19bn

The Nigerian equities market ended its winning streak on Tuesday after sustaining gain for the fourth consecutive session on Monday.

The market shed N19bn as the NSE capitalisation slid to N12.659tn from N12.678tn.

A total of 353.194 million shares valued at N3.255bn exchanged hands in 4,201 deals.

At the end of trading activities, the equities market closed in the red zone as the NSE All-Share Index declined by 0.15 per cent to drag the year-to-date return to 36.85 per cent. There were 20 gainers and 19 losers.

The Cement Company of Northern Nigeria Plc was the top gainer after its share price appreciated by 10.17 per cent to close at N9.32. Other counters that closed in the top gainers’ chart include Axa Mansard Nigeria Plc, May & Baker Nigeria Plc, Northern Nigeria Flour Mills Plc and Jaiz Bank Plc, which respectively appreciated by five per cent, 4.96 per cent, 4.91 per cent and 4.55 per cent.

C & I Leasing Nigeria Plc shed 9.37 per cent of its value to lead other underperformers such as Paints and Coatings Manufacturers Nigeria Plc, Diamond Bank Plc, Law Union and Rocks Insurance Plc and Lafarge Africa Plc, which plummeted by 4.84 per cent, 4.76 per cent, 4.49 per cent and 4.20 per cent, accordingly.

All the sector indices declined except for the NSE insurance and the NSE oil/gas indices, which advanced by 1.22 per cent and 0.11 per cent, respectively.

On Monday, the NSE ASI appreciated by 1.4 per cent to open the week, thus boosting equities investment by N176bn at the close of trading. More so, 44 stocks were said to have closed in the green.

A total of 262.167 million shares valued at N2.996bn exchanged hands in 4,283 deals.

The NSE ASI rose from 36,320.93 basis points to 36,831.93 basis points, while year-to-date gain expanded to 37.1 per cent. The market capitalisation closed at N12.678tn from N12.502tn.

The major drivers of Monday’s performance were Dangote Cement Plc, Guaranty Trust Bank Plc and Zenith Bank Plc, which appreciated respectively by 2.9 per cent, 3.2 per cent and 0.9 per cent.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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