Seplat, Total, Dangote Cement, 20 others drag NSE further south

Nigerian stock market moved further into the negative region on Tuesday August 27, 2019 as investors moved to sell value counters like Seplat Petroleum Development Company Plc, Total Nigeria Plc, Dangote Cement Plc and others. Other stocks that occupied brokers sell order by investors include that of GTBank Plc and International Breweries Plc.

The stock market still lost 0.32percent to remain in the red despite a late minute bargain in stocks like Nestle Nigeria Plc and MTNN. As sell offs on other counters drove the index south, week-to-date (WtD) it has decreased by 0.71percent; while year-to-date (YtD) the market has lost 12.18percent of its value.

The market recorded 13 gainers as against 23 losers. Investors lost N43.34billion after the market cap dropped to N13.428trillion from preceding day high of N13.471trillion.

Seplat Plc stock price moved down from N441 to N397.7, losing N43.3 or 9.82percent. Total Nigeria Plc followed after dipping from N105.8 to N96.5, losing N9.3 or 8.79percent.

Dangote Cement Plc declined from N167 to N165, down by N2 or 1.20percent, GTBank Plc dipped from N28 to N27.15, losing 85kobo or 3.04percent, while International Breweries Plc was down from N10.5 to N9.75, losing 75kobo or 7.14percent.

Related News

Analysts advise investors not to overlook the possibility of position taking on some of the fundamentally sound stocks that now trade at discounts to their fair value.

On the gainers table, Nestle Nigeria Plc increased from N1232 to N1240, adding N8 or 0.65percent, MTNN advanced from N138 to N140.05, adding N2.05 or 1.49percent, while CCNN went up from N14 to N14.5, adding 50kobo or 3.57percent.

The NSE All Share Index (ASI) decreased to 27,602.77 points on Tuesday. Investors in 3,558 deals exchanged 183,647,978 units of companies’ equities. Transcorp, GTBank, Access Bank, MTNN, FBN Holdings were actively traded stocks.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).

Join BusinessDay whatsapp Channel, to stay up to date

Open In Whatsapp