By Nse Anthony-Uko
(Sundiata Finance) – Stock investors have lost about N380billion within just two trading days as buying momentum softens further on the Nigerian bourse following sell-offs in value counters.
The value of listed equities declined from week open level of N13.166trillion to N12.786 trillion on Tuesday.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) further dwindle by 2.25 per cent translating into 854.36 point to close at 37,096.60 points on Tuesday from previous day’s close of 37,950.96. It stood at 38,198.60 points at the beginning of trading this week.
Afrinvest research analysts had the equities market may this week trade sideways in early trades due to profit-taking in Consumer Goods counters which they said could offset bargain hunting in banking stocks whose earnings are yet to be released.
Also, Vetiva Capital research analysts had anticipated cautious trading in early trading this week with profit-taking on some banking names despite the release of better than expected performance from Zenith Bank. In 5,285 deals, 391.652 million shares worth N5.436 billion were exchanged Tuesday. The Year-to-Date (YtD) return lowered to 38.04percent. The top gainers were Seplat Petroleum Development Company Plc, Conoil Plc, Glaxo Smitkline Comsumer Nigeria Plc, Julius Berger Nigeria Plc and Berger Paints Plc as 11 stocks advances against 35 losers. The financial services sector led yesterday activity chart as Access Bank Plc, exchanged 179.30 million shares worth N1.865 billion; followed by Zenith Bank Plc with 540.146 million shares traded for N937.27 million. Investors exchanged United Bank for Africa Plc’s 24.882 million shares worth N233.64 2million; FBN Holdings Plc (22.072 million units) valued at N133.767 million; while investors exchanged Guaranty Trust Bank Plc 11.860 million units for N461.582 million. Seplat Petroleum Development Company Plc occupied the top most position in the advancers list with a gain of N2 in its share price which moved the share price from N480 to N482 at the closing today.
Conoil Plc being the first runner up on the advancers list gained N1.3, changing the share price from N32.59 to N33.89 per share. GlaxoSmithKline Consumer Nigeria Plc ranked third in the pack of gainers with a N1 increase in its share price which opened at N20 to close at N21. Berger Paints Plc gained 0.36kobo from N6.8 to close at N7.14 per share and Unilever Nigeria Plc gained 0.13kobo change from N45.5 to close at 45.6. Dangote Cement Plc led the decliners with a loss of N10 in share price which opened at N235 and closed at N225. Nigerian Breweries Plc came second on the list of decliners after losing N3 from its share price which opened at N193 to close at N190, Lafarge Africa Plc also lost N2.99 from its share price which opened at N63 to close at N60.01; followed by Forte Oil Plc which lost N2.5, from N54 to close at N51.5 per share and Stanbic IBTC Holdings Plc which lost N2.5 from N41 to close at N38.95.
Investors Lose N380bn In 2 Days
By Nse Anthony-Uko