Sell pressure pushes YtD returns to red zone

With only 19 gainers against 36 losers yesterday, the year-to-date (YtD) returns of the Nigerian equities market has re-entered the red zone at -0.36 percent.

As sell pressure persists on the trading floor of Nigerian Stock Exchange (NSE), the benchmark performance indicator All Share Index (ASI) decreased yesterday by 0.50 percent.

The All Share Index closed at 34,533.40 points against the preceding day’s level of 34,706.93 points while market capitalisation closed at N11.733trn against preceding level of N11.792trn, an indication that investors lost about N59 billion from the value of their stocks at the Nigerian bourse.

Analysis of trade shows volume increased by 426.78 percent, from 357.23 million to 1881.82 million, while the total value of stock traded increased by 32.41 percent from N4.15bn to N5.49bn in 4,797 deals.

Nestle Nigeria plc led the losers’ table after its share price declined from N905.02 to N880, losing N25.02; Forte Oil plc dipped by N2, from N188.99 to N186.99; Beta Glass plc also declined from N36.38 to N34.67, losing N1.71; Presco plc lost N1.61, from N32.3 to N30.69; while NCR plc declined from N12.19 to N11.02, losing N1.17.

“We expect to see further sell-offs in the market in the next trading day as investors’ sentiment remain weak,” according to investment analysts at United Capital plc.

On the gainers’ table, Mobil Oil Nigeria rose by N3, from N151 to N154; Nigerian Breweries plc rose from N154 to N154.6, adding N0.6; Ashaka Cement plc rallied from N21 to N21.5, adding N0.5; Skye Bank plc gained N0.26, from N2.61 to N2.87; while Oando plc from N17.75 to N18, adding N0.25.

Source : BusinessDay

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