The value of equities at the Nigerian Stock Exchange (NSE) depreciated by about N265billion last week as weak buy tendencies pervaded the market.
Trading at the Nigerian stock market opened last week with capitalisation level at 10.978trillion but declined to N10.713trillion at the end of last week; while NSE All Share Index (ASI) was down to 33,514.14 points from 34,301.37 points at the beginning of trading last week.
On the heels of last week’s dismal outing at the Nigerian bourse, there are indications that this week, the price volatility will moderate as bulls begin to regain consciousness at the Customs Street evidenced in last Friday’s market performance.
Last Friday, advances in the prices of Unilever plc, Guaranty Trust Bank plc, NAHCo plc, Forte Oil plc, and FBN Holdings plc helped to reduce the market’s loss profile. Unilever for instance gained N0.75, after its share price rose from N52.04 to N52.79; Guaranty Trust Bank share price rose from N23.79 to N24.49, adding N0.70. NAHCo also rose from N5.58 to N6.13, adding N0.55; Forte Oil rallied from N13.65 to N14.14, adding N0.49; while FBN Holdings gained N0.31, from N18.52 to N18.83.
On the laggards’ side, Nigerian Breweries plc lost N2.05kobo after its share price declined from N164.05 to N162. Okomu Oil Palm plc followed with a decline of N2, from N106 to N104. Mobil declined from N123 to N121.50, losing N1.50; Guinness Nigeria plc lost N1, from N262 to N261; while Lafarge Cement Wapco plc dipped from N83.90 to N83, after shedding N0.90.
Amid this trend, analysts still encourage investors to maintain value approach as sell activities are expected to lose pressure this week.
The Exchange notified all Dealing Members that following the Scheme of Merger between Flourmills of Nigeria, Bagco Plc, Northern Bag Manufacturing Company Limited and Bagco Morpack Nigeria Limted; Bagco Plc has been delisted from the Daily Official List of The Nigerian Stock Exchange.
IHEANYI NWACHUKWU
