Selloff Persists at Nigerian Stock Market as YtD Drops to -3.35%

By Dipo Olowookere

Trading activities on the floor of the Nigerian Stock Exchange (NSE) ended again on a bearish note on Tuesday as investors continue to take profit, patiently waiting for the half year results of some market heavyweights, which are expected to be released before the end of this week or next.

Business Post reports that the market ended 0.81 percent lower yesterday with the year-to-date returns closing at -3.35 percent.

This was as the All-Share Index (ASI) depreciated by 303.16 points to close at 36,963.70 points from 37,266.86 points the previous day, while the market capitalization decreased by N11 billion to settle at N13.390 trillion from N13.500 trillion in the previous session.

Also, the volume of shares traded yesterday went down by 32.84 percent, while the value of equities exchanged for money went up by 17.09 percent.

At the close of the day’s trading, investors bought and sold a total of 203.8 million shares worth N2.4 billion in 4,178 deals against the 303.5 million equities transacted a day earlier worth N2 billion.

Like in the previous day, the Financial Services sector led the activity chart with 135.3 million shares sold for N1.3 billion, while the Conglomerates sector followed with 22 million equities exchanged for N45 million.

Transcorp led the activity chart on Tuesday after it released positive financial statements on Monday, trading a total of 20.7 million shares worth N26.6 million.

It was followed by Access Bank, which sold 19.5 million equities valued at N195.4 million, and Zenith Bank, which transacted 15.4 million shares for N368.7 million.

Soverign Trust Insurance traded 13.3 million equities worth N3.5 million, while Custodian and Allied sold 12.7 million shares valued at N69.4 million.

An analysis of the price movement chart showed that Okomu Oil led the losers’ log after shedding N7 to close at N85 per share.

Stanbic IBTC fell by N3.95k to settle at N47.55k per share, while Lafarge declined by N3 to end at N34.50k per share.

International Breweries depreciated by N3 to close at N37.50k per share, while Julius Berger went down by N2.70k to finish at N24.30k per share.

However, it was a good day for Dangote Cement and others as its share rose by N3 to settle at N230 per share.

Dangote Sugar appreciated by 45 kobo to close at N17.95k per share, while Custodian and Allied went up by 19 kobo to end at N5.70k per share.

Flour Mills of Nigeria improved by 10 kobo to close at N30 per share, while Eterna Oil also increased by 10 kobo to finish at N6.50k per share.