• Thursday, December 07, 2023
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NSE ASI snaps off 4-day bull trend, declines 1.36%

Market gains N31bn as stocks rally further

The Nigerian equities market ended yesterday’s trading in the red, cutting short hope that a market resurgence had begun. With nine days to the presidential elections, investors quickly took profits amid fears that the elections might usher in a new wave of market volatility that will see Nigerian equities lose value further. The NSE ASI retreated by 1.36 percent, along with most other sub-indices. The NSE 30 index lost 1.5 percent, the Banking index shed 2.08 percent, the consumer goods index also lost 1.36 index, the oil and gas shed 0.46 percent, while the industrial index lost 0.32 percent. Market breadth showed that 19 stocks gained while 32 stocks saw dips in their share prices.

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Champion breweries led market gains with a 10.03 percent or 63 kobo gain, ending trading at N6.91, higher than a N6.28 close the previous day. Dangote flour gained 10 percent also, closing higher at N3.63 from N3.30 the previous day. Ikeja Hotel gained 9.88 percent or 33 kobo, to close the day’s trading at N3.67, up from N3.34. UAC Properties gained 8.84 percent to close at N11.94 percent from N10.97 the previous day. RT Briscoe closed the top 5 gainers list, gaining 8.22 percent to close at 79 kobo higher than 73 kobo the previous day.

Losers at the end of Thursday’s trading include Flour Mills, which lost 5 percent to close at N36.10, down from N38; Trans express which also lost 5 percent; Dangote sugar also lost 4.9 percent; Honeywell Flour lost 4.85 percent; and Skye Bank lost 4.76 percent. First Bank of Nigeria Holdings was the most traded stock, trading in 755 deals with a total transaction value of N565.5m.