Nigerian equities lose N438bn in one week as sell-off persists

In the last one week, the value of listed equities at the Nigerian Stock Exchange (NSE) has dropped by about N438bn as investors continued their decision to offer
stocks for sale, thereby impacting equity prices.

Trend watch on the performance of the benchmark indicator shows that week-on-week (wow), the NSE ASI which stood high at 34,583.29 points as at last week Wednesday fell to 33,255.67 points at the close of transaction on the bourse yesterday.

This indicates a decline of 1,327.68 points or 3.83 percent within one week of trading. The value of Nigerian equities which stood at N11.417 trn as at last week Wednesday has dropped to N10.979trn as shown yesterday.

At the close of stock trading yesterday at Custom Street, equity dealers in 3,965 deals exchanged 258.750m units of listed companies shares valued at N4.788bn.

Twenty-two stocks gained yesterday against nineteen (19) stocks that lost their value. When compared with the preceding trading day’s level, the Nigerian Stock Exchanges – All Share Index depreciated by 0.88 percent (295.06 points) to close at 33,255.67 points from 33.550.73 points recorded on Tuesday. Market capitalisation also decreased to N11.98trn from N11.08trn the preceding trading day.

“We expect the bearish mood to be sustained in the next trading days, as caution and macro concerns continue to shape  investment decisions,” said investment analysts at UBA Capital plc.

PZ Cussons Nigeria plc led the pack of gainers after its share price rose by 10.24 percent, from a low of N29 to N31.97, adding N2.97. Also, Eterna plc followed on the top gainers table after its share price rose from N3.13 to N3.28, adding N0.15 or 4.79 percent.

The share price of Skye Bank plc also rose from N2.37 to N2.48, up by N0.11 or 4.64 percent; Evans Medical plc rose from N1.99 to N2.08, adding N0.09 or 4.52 percent; Airline Services and Logistics plc appreciated from N1.58 to N1.65, adding N0.07 or 4.43 percent.

Other equities that recorded price appreciation include: Royal Exchange plc which appreciated from N0.50 to N0.52, after adding N0.02 or 4 percent. Nahco plc’s share price rose from N4.63 to N4.80, adding N0.17 or 3.67 percent; AIICO Insurance plc rallied from N0.82 to N0.85, adding N0.03 or 3.66 percent; Mansard Insurance plc share price also rose from N3.58 to N3.70, adding N0.12 or 3.35 percent; while that of Sterling Bank plc appreciated from N2.35 to N2.42, adding N0.07 or 2.98 percent at the close of deals.

On the losers table, Custodian and Allied plc led the basket after its share price declined from N4.35 to N3.98, down by N0.37 or 8.51 percent; followed by CUTIX plc which declined from N1.48 to N1.41, after losing N0.07 or 4.73 percent.

RT Briscoe plc also declined from N0.85 to N0.81, after losing N0.04 or 4.71 percent; International Breweries plc recorded share price decline from N26 to N25.01, down by N0.99 or 3.81 percent; Deap Capital Management and Trust plc declined from N0.79 to N0.76, down by N0.03 or 3.80 percent; NEM Insurance
Company (Nigeria) plc also made the list of top losers after its share price dropped from N0.62 to N0.60, down by N0.02 or 3.23 percent.

In addition, the share price of Dangote Cement plc declined from a high of N175 to N170, after losing N5 or 2.86 percent; 7-Up Bottling Company plc share price dropped from a high of N155 to N151.11, down by N3.89 or 2.51 percent; Stanbic IBTC Holdings plc dropped from N29.21 to N28.53, down by N0.68 or 2.33 percent; while that of its counterpart in the financial sector Zenith Bank plc declined from N19.47 to N19.11, after losing N0.36 or 1.85 percent.