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Equities open with N96b loss amid sell-offs

 Taofik Salako,  Capital Market Editor


NIGERIAN equities reopened on Monday with continuing bearish sentiment as selloffs across the sectors depressed investors’ value by N96 billion.

With about two decliners for every advancer, most transactions were closed at discounts as traders opened up market orders to attract deals.

Benchmark indices at the Nigerian Stock Exchange (NSE) indicated average decline of 0.7 per cent, equivalent to net capital depreciation of N96 billion. With this, Nigerians equities have lost 4.4 per cent so far this month while the continuing decline moderated the average year-to-date return to 2.7 per cent.

The All Share Index (ASI)-a value-based common index that tracks all share prices at the Exchange, dropped from its opening index of 27,755.87 points to close at 27,570.94 points. Aggregate market value of all quoted equities also dropped from its opening value of N14.456 trillion to close at N14.360 trillion.

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All sectoral indices also closed negative with the exception of the NSE Oil and Gas Index, which rose by 0.6 per cent. The NSE Industrial Goods Index dropped by 1.6 per cent. The NSE Banking Index declined by 1.5 per cent. The NSE Consumer Goods Index depreciated by 1.3 per cent while the NSE Insurance Index declined by 0.8 per cent.

There were 18 decliners to 11 advancers. Guaranty Trust Bank led the decliners with a drop of  90 kobo to close at N29. BUA Cement followed with a loss of 80 kobo to close at N35. International Breweries declined by 70 kobo to close at N7.05. Ecobank Transnational Incorporated dipped by 60 kobo to close at N6.40. Dangote Sugar Refinery dropped by 50 kobo to close at N12.35 while Lafarge Africa lost 40 kobo to close at N15.10 per share.

On the positive side, Oando led the advancers with a gain of 15 kobo to close at N3.60. Africa Prudential rose by 7.0 kobo to close at N4.75. Custodian Investments appreciated by 5.0 kobo to close at N6.05 while Jaiz Bank, SAHCOL and NPF Microfinance Bank chalked up 4.0 kobo each to close at 68 kobo, N2.91 and N1.15 respectively.

Total turnover meanwhile rose to 134.61 million shares valued at N1.58 billion in 3,302 deals.  Zenith Bank was the most active stock with a turnover of 22.45 million shares valued at N441.6 million. United Capital followed with a turnover of 17.16 million shares worth N50.98 million while Guaranty Trust Bank placed third with 12.42 million shares worth N362.84 million.

“We expect the bearish sentiment to persist in the near term. However, we note that there are opportunities for bargain hunting,” Afrinvest Securities stated.



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