Equities continue decline with N114b loss

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Nigerian equities recorded the second consecutive negative trading on Wednesday as continuing profit-taking transactions shaved off N114 billion from market capitalisation.

The All Share Index (ASI)- the value-based common index that tracks share prices at the Nigerian Stock Exchange (NSE), dropped by 0.74 per cent to close at 29,062.50 points as against its opening index of 29,283.15 points.This depressed the average year-to-date return to 8.3 per cent.

Aggregate market value of  quoted equities also dropped from its opening value of N15.106 trillion to close at N14.992 trillion, representing a drop of N114 billion.

With 17 losers to 11 gainers, all sectoral indices closed negative with the exception of the NSE Insurance Index, which rose by 0.33 per cent. The NSE Industrial Goods Index dropped by 0.29 per cent. Its Consumer Goods Index dipped by 0.21 per cent. The Banking Index lost 0.21 per cent while the NSE Oil & Gas Index slipped by 0.11 per cent.

MTN Nigeria Communications led the losers with a drop of N3.70 to close at N120.50. BUA Cement followed with a loss 95 kobo to close at N38 while Ecobank Transnational Incorporated dropped by 60 kobo to close at N7.20.

On the positive side, Beta Glass led the gainers with a gain of N5.90 to close at N64.90. Forte Oil rose by N1.15 to close at N19 while GlaxoSmithKline Consumer Nigeria chalked up 40 kobo to close at N6 per share.

Total turnover dropped by 46 per cent to 360.08 million shares valued at N2.83 billion in 4,345 deals.

Morison Industries was the most active stock with a turnover of 126.8 million shares. Access Bank was followed with 52.5 million shares, United Bank for Africa placed third with 32 million shares.

Analysts at Afrinvest Securities said they expected a better performance in successive sessions due to bargain hunting.

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