Bears Return to Nigerian Stock Market Amid Selloffs

July 25, 2018
Nigerian Stock Market

By Modupe Gbadeyanka

Selloffs recorded in the consumer goods stocks as well as heavily weighted industrial goods equities dragged down the Nigerian stock market on Tuesday.

It was observed that the Nigerian Stock Exchange (NSE) was dominated yesterday by negative investor sentiment, leaving the bourse 0.70 percent down at the wrap of trading activities, with the year-to-date returns closing at -4.68 percent.

Yesterday, the Central Bank of Nigeria (CBN) announced it was holding the monetary policy rate at 14 percent for the 11th time.

The All-Share Index (ASI) depreciated on Tuesday by 256.72 points to close at 36,455.25 points, while the market capitalisation decreased by N93 billion to finish at N13.206 trillion.

Business Post reports that both the total volume and value of shares traded yesterday appreciated by 67.36 percent and 100.10 percent respectively.

While the volume of equities transacted yesterday rose from 226.3 million to 378.7 million, the total value of stocks traded went up from N2.2 billion to N4.4 billion.

At the close of business, the Financial Services sector led the activity chart with 188.8 million shares exchanged for N2.4 billion with the Services sector following with 103.2 million shares sold for N218 million.

MedView Air emerged the most traded stock on Tuesday with a total of 100 million units sold for N210.5 million.

It was followed by Transcorp, which exchanged 45.5 million equities worth N54.3 million, and Zenith Bank, which transacted 42.7 million shares for N988.5 million.

FBN Holdings traded 36 million stocks for N332.4 million, while Access Bank sold 20.5 million equities valued at N205.9 million.

An analysis of the price movement chart yesterday showed that it was never a better day for Beta Glass as its shares lost N8.10k to settle at N72.90k per share.

It was followed by Presco, which went down by N6.60k to finish at N59.55k per share, and Lafarge, which depreciated by N3.25k to close at N29.25k per share.

Nigerian Breweries lost N2.50k to end at N105.50k per share, while PZ Cussons declined by N1.65k to settle at N15.15k per share.

At the other end, Nestle Nigeria emerged the highest price gainer after appreciating by N20 to close at N1450 per share.

CCNN rose by N1.10k yesterday to finish at N26 per share, while Custodian and Allied grew by 55 Kobo to end at N6.10k per share.

Cutix went up by 33 Kobo to settle at N3.63k per share, while GTBank increased by 20 Kobo to end at N39 per share.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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