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NSE Opens Week Bearish, Extends Losses to Fifth Straight-Day, ASI Dips 0.14%

Posted by InvestAdvocate on

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L – R show Mr. Bex Nwawudu, Deputy Managing Director, Union Dicon Salt Plc; Mr. Chuka Mordi, Managing Director/Chief Executive Officer, Union Dicon Salt Plc; Ms. Tinuade Awe, General Counsel and Head, Regulation, The Nigerian Stock Exchange (NSE) and Colonel Henry Mgbemena (Rtd), Executive Director, Union Dicon Salt Plc at the Facts Behind the Restructuring at the Exchange today.
L – R show Mr. Bex Nwawudu, DMD, Union Dicon Salt Plc; Mr. Chuka Mordi, MD/CEO, Union Dicon Salt Plc; Ms. Tinuade Awe, General Counsel and Head, Regulation, NSE and Colonel Henry Mgbemena (Rtd), ED, Union Dicon Salt Plc at the Facts Behind the Restructuring at the Exchange on Monday.

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Monday opened the week on bearish note as the all-share index (ASI) dipped 0.14 percent to close at 28,813.51 points, while market capitalisation declined by N14.24 billion to N9.90 trillion.

“Today’s negative performance extended the Month-to-Date loss to 2.65 percent and pared the Year-to-Date gain to 0.60 percent, Cordros daily market update affirmed.

This is coming on the heels of fifth consecutive losses on the domestic bourse as selloffs in the shares of cement producers, Dangote Cement Plc and Lafarge Cement Wapco Plc by 0.16 percent and 5.03 percent apiece weighed down the Industrial Goods index by 2.11 percent. While insurer Axa Mansard Insurance Plc and reinsurer, Continental Reinsurance Plc declined by 4.85 percent and 1.74 percent respectively to impact negatively on the Insurance Index.

In the same vein, oil marketing majors, Oando Plc and MRS Plc dropped 7.45 percent and 3.17 percent each; resulting to the Oil & Gas index to close in red by 1.16 percent.

Similarly, the Consumer Goods index depreciated by 0.07 percent, following price declines in the shares of Fast Consumer Goods (FCMG) companies, Honeywell Flour Mills Plc and Flour Mills of Nigeria Plc by 4.93 percent and 0.05 percent respectively.

On the positive side, the Banking index gained 1.75 percent, boosted by the performance recorded by Nigeria’s tier one lenders, Guaranty Trust Bank Plc, Zenith Bank Plc and United Bank for Africa Plc by 4.35 percent, 2.72 percent and 2.47 percent each.

At the close of the session, market breadth posted a negative outlook with, with 16 gainers and 30 losers, according to the NSE’s daily market statistics.

GTBank emerged the top gainer with a gain of N1.00; while Nigeria’s top tier conglomerate, Transnational Corporation of Nigeria Plc topped the losers chart with a loss of 0.15 kobo per share to close the session.

In terms of turnover, total volume traded on the Nigerian Equities Market fell by 17.20 percent to 275.36 million shares, valued at N3.44 billion, and traded in 4,865 deals.

“In the absence of any positive catalyst, we expect sentiment to remain dampened in tomorrow’s session,” the Cordors update added.

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