• Wednesday, June 19, 2024
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Election delay weighs on as index dips further by 0.8%

Election delay weighs on as index dips further by 0.8%

The Nigerian equities market extended losses to the third consecutive day of trading since reaching a 30-day peak of 30,617 just last Wednesday, as pre-election jitters were worsened by the postponement of the Presidential elections continues to weigh on. Yesterday’s trading witnessed significant sell-side activity as investors tried to pre-empt a potential loss in value that might arise from a new round of volatility. The oil and gas sec- tor retreated the most, losing up to 2 percent at the end of trading, as major industry players lost.

Seplat shed 4.76 percent of its stock price, while Oando lost 1.38 percent. Market breadth showed that only 9 stocks traded on the main bourse gained, while 25 stocks saw dips in their share prices. “Investors continued to trade with caution in the equities market given the uncertainty in the socio-political and macroeconomic environments,” said analysts at Lagos-based United Capital plc.

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Top gainers at the end of Tuesday’s trading include Honeywell Flour Mills, which gained 4.46 percent or 14 kobo to close at N3.28 up from N3.14. Trans Express gained 4.4 percent to close at 95 kobo, up from 91 kobo. Dangote Sugar gained 3.92 percent or 50 kobo to close at N7.15, up from N16.50. Ecobank Trans- national closed at N17, up 3 percent from the previous day close of N16.50. RT Briscoe close at 88 kobo, up from 86 kobo the previous day’s close.

Top losers include Nasco, which shed 9.4 percent to close at N6.84, down from N7.55 the previous day. Forte Oil lost 5 percent to close at N209.48; International Breweries lost 4.99 per- cent, closing at N19.41; Guaranty Trust Bank lost 4.98 percent to close at N19.29; while Fidelity bank lost 4.96 percent to close at N1.15. First Bank was the most traded stock, with 71.3 million stocks valued at N499.3m traded in 555 deals. Market turnover at the end of trading stood at N4.14bn. “We expect investors to trade cautiously in the coming days as political tension in the country persists, coupled with macroeconomic challenges,” the analysts said.