Equities sustain decline; investors lose N277.6 billion in four days

By Ihesiulo Grace

22 July 2016

Accumulated losses incurred through equities trading on the Nigerian Stock Exchange for the past four days has amounted to N277.6 billion. The equities market continued on a negative note on Thursday as lead indicators of the Nigerian Stock Exchange (NSE) dropped 0.79 percent in contrast to 0.94 percent lost in previous session.

The NSE All Share Index (ASI) lost 223.89 points to close at 27,997.29 basis points compared to 267.38 points lost in previous session to close at 28,221.18 basis points, extending the year to date losses by 2.25 percent. All sectoral indices likewise closed in red with the exception of the NSE ASeM Index that closed flat.

Market capitalisation depreciated by N76.9 billion to close at N9.615 trillion against N91.8 billion lost previously to close at N9.692 trillion.

34 losers were led by Oando Plc for the third consecutive day as it depreciated by 8.72 percent or 47 kobo to close at N4.92 per share, Diamond Bank Plc fell by 8.62 percent or 15 kobo to close at N1.59 kobo per share, while Transcorp Plc lost 8.51 percent or 12 kobo to close at N1.29 per share.

Honeywell Flour Plc depreciated by 8 percent or 12 kobo to close at N1.38 per share while Cadbury Plc dropped 5.53 percent or 89 kobo to close at N15.20 per share.

Conversely, Skye Bank Plc led the day’s six gainers for the fourth day in a row as it gained 8.97 percent or 7 kobo to close at 85 kobo per share, Wema Bank Plc appreciated by 6.85 percent or 5 kobo to close at 78 kobo per share, while A.G. Leventis Plc added 4.30 percent or 4 kobo to close at 97 kobo per share.

CAP Plc followed with an increase of 2.86 percent or one naira to close at N36 per share and Tiger Brands Plc gathered 2.08 percent or 8 kobo to close at N3.93 per share.

At the end of stock trading for the day, investors traded 227.1 million shares valued at N1.8 billion in 3,426 deals against 309.7 million shares worth N2.1 billion exchanged in 3,934 deals on Wednesday.

Skye Bank recorded the highest trade in volume, exchanging 54 million shares worth N45.9 million, UBA came second with an exchange of 41.3 million shares valued at N182 million, while Zenith Bank sold 21.7 million shares worth N332.6 million.