Champion Breweries, Ikeja Hotel, Conoil gain as stock market dips by 0.26%

Champion Breweries plc, Ikeja Hotel plc, and Conoil plc led the pack of 20 equities that gained after yesterday’s trading on the Nigerian Stock Exchange (NSE).

In line with most analysts’ expectation, sell pressure bedevilled the stock market even as equity traders and investors returned to the market after two days of public holidays this week.

Champion Breweries plc led the pack of the gainers after its share price rose from N12.35 to N13.60, adding N1.25 or 10.12 percent; while Ikeja Hotel plc rallied from N2 to N2.20, adding N0.20 or 10 percent. Also, Conoil plc rose from N47.01 to N49.36, adding N2.35 or 5 percent.

On the negative side, Premier Breweries plc recorded the highest value decline amid 26 laggards after its share price dropped from N4.40 to N4.18, losing N0.22 or 5 percent; followed by Stanbic IBTC plc which dropped from N35 to N33.25, after losing N1.75 or 5 percent; while A.G Leventis Nigeria plc declined from N1.54 to N1.47, losing N0.07 or 4.55 percent.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased by 0.26 percent, pushing the year-to-date (YtD) return further down at -0.81 percent.The All Share Index closed at 40,995.02 points against the preceding 41,103.94 points while market capitalisation closed at N13.536trn against preceding level of N13.572trn.

“We look to see a relatively calm market this week, though we expect price appreciation in some stocks on the back of recent positive news and position taking for Q3 numbers. By and large, we expect the market to close the week with a marginal gain,” according to market analysts at UBA Capital plc.

Market analysis shows that volume of trade decreased by 27.02 percent from 560.323m to 408.897m, while the total value of stock traded declined by 0.71% from N5.75bn to N5.71bn in 4,678 deals.

Source : BusinessDay

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