Capital Market

Bears Appear as Nigeria’s Equities Market Index Decline 0.18%

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By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The bears appeared at the Nigerian equities market on Thursday after a two (2) successive positive sessions to begin the week, as all-share index (ASI) depreciated 0.18 percent to close the 41, 135.56 basis points compared to 0.25 percent gain recorded in the previous session before the independent anniversary holidays.

Cordros Capital daily market update reported the market succumbed to  a post-independence day loss, as sell downs seen in the Consumer Goods stocks such as soap makers PZ Cussons Nigeria Plc, brewers Guinness Nigeria Plc and beverage makers Nestle Nigeria Plc led to the depreciation in benchmark index.

Currently, its Year-to-Date (Y-t-D) returns stands at a negative 0.47 percent, similarly,  market capitalisation dropped N24.61 billion to close at N13.58 trillion; on the back of losses in the Consumer Goods, Oil/Gas and Insurance sectors, the Cordros report said.

The report affirmed that only one (1) of the five (5) NSE sectoral indices didn’t replicate the NSE ASI performance. The Consumer Goods index lost 1.12 percent to top the losers chart, the Insurance index fell by 0.70 percent, the Oil/Gas index declined by 0.67 percent, while the Industrial index dropped 0.07 percent. ‘’However, the Banking index grew by 0.91 percent,’’ the report said.

In terms of market breadth, the Nigerian equities market closed on a positive note as it recorded 29 gainers and 25 losers. Volume traded fell by 37.58 percent to 673.47 million shares, valued at N6.32 billion and exchanged in 4,967 deals.

Brewer, Champion Breweries Plc led the gainers chart as share price of the company opened N10.18 and closed at N11.21 gaining N1.03 and showing a 10.12 percent increase.

Similarly, another brewer, Guinness Nigeria Plc led the losers chart as it opened N214.98 and closed N204.24; losing 10.74 showing a decline of five percent.

‘’We believe the decline would be short-lived as high levels of activity persist in anticipation of Q-3 numbers,’’ the Cordros daily market update said.

 

 

 

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