Total, Mobil, WAPCO, others gain as market reels further

Total Nigeria plc, Mobil Oil Nigeria plc, Lafarge Cement WAPCO plc, Nigerian Breweries plc and Cement Company of Northern Nigeria plc led other equities on the gainers chart at the Nigerian Stock Exchange (NSE) yesterday.

Despite the fact that the monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) decided not to change policy decision, the stock market continued its losing streak which impacted negatively on the performance indicators.

NSE All Share Index (NSE ASI) and the market capitalisation decreased by 0.28 percent, while the Year-to-Date (YtD) return stood at 3.23 percent.
The All Share Index closed at 42,664.95 against the preceding day’s 42,784.30 points while market capitalisation closed at N14.088trn

Total, Mobil, WAPCO, others gain as market reels further against preceding trading day’s N14.127trn.

Volume of equities traded decreased by 19.61 percent from 535.077m to 430.136 million, while the total value of stocks traded decreased by 8.13
percent from N4.375bn to N4.019bn in 6,323 deals.

Total Nigeria plc led the table of 25 gainers after its share price rose from N186.2 to N195.5, adding N9.3; while Mobil Oil Nigeria plc appreciated
from N170.33 to N178.84, adding N8.51. Lafarge Cement WAPCO plc rose from N119 to N120, adding N1, Nigerian Breweries plc rose from N177.09 to N178, adding N0.91; while Cement Company of Northern Nigeria plc appreciated from N12.04 to N12.64, adding N0.6.

While commenting on the implication of MPC outcome on markets team of analysts at Associated Discount House Limited said, “We reiterate our expectation of further ease in the yield curve through August, as the impact of local system liquidity should outweigh probable foreign portfolio outflows.”

According to them, “We note that narrowing interest rate carry trade opportunity may prompt portfolio outflows, but we are upbeat that strong effective demand from local investors (particularly pension funds) will justify our outlook of further mild ease in yields.”

Dangote Cement plc led the 32 losers after its share price dropped from N240.5 to N238, down by N2.5. Ashaka Cement plc declined from N33 to
N31.46, down by N1.54; International Breweries plc dropped from N29.5 to N28.05, losing N1.45; Unilever plc declined from N50.14 to N49, down by N1.14; while Forte Oil plc dropped from N227 to N226.46, down by N0.54.

The Financial Services sector led the activity chart with 189.265m shares exchanged for N1.638bn; while Services followedwith 105.735m shares traded for N0.673bn.