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Stock market declines further by 0.35% as Cadbury, GSK, FBN Holdings, others lose

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Stock investors lost additional N45billion on Wednesday November 27, 2019 as the market witnessed further profit taking activities in stocks like Cadbury Nigeria Plc, GlaxoSmithKline Consumer Nigeria Plc, FBN Holdings Plc, Dangote Cement Plc and UAC Nigeria Plc.

At the sound of closing gong, the Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased by 0.35percent while the Year-to-Date (ytd) return stood at -14.76percent.

Month-to-date (MtD), the stock market has advanced by 1.63percent while week-to-date (WtD) it has lost 0.75percent.

The All Share Index closed at 26,790.10 points as against the preceding day close of 26,883.33 points while the value of listed equities decreased to N12.930 trillion as against preceding day close of N12.975 trillion.

Cadbury Nigeria Plc recorded the highest decline after its share price dropped from N9.8 to N9, losing 80kobo or 8.16percent. GlaxoSmithKline Consumer Nigeria Plc dropped from N6.3 to N5.7, after losing 60kobo or 9.52percent, while FBN Holdings Plc decreased from N6.95 to N6.5, losing 45kobo or 6.47percent.

Also, Dangote Cement Plc dipped from N144     to N143.6, losing 40kobo or 0.28percent, while UACN joined the league of top laggards after dipping from N7.4 to N7, also losing 40kobo or 5.41percent.

“We can link the bearish performance to continued sell offs by investors, as profit taking action continues to dominate the bourse due to the mild rally seen over the last two weeks”, said Lagos-based analysts at Vetiva Securities in their November 27 note to investors.

They expect to see a similar trading pattern on Thursday “in the absence of any major catalyst or inflows capable of elevating the local market.”

Looking at the gainers table, Zenith Bank Plc recorded the highest price gain from N18.35 to N18.5, adding 15kobo or 0.82percent. Cutix Plc rallied from   N1.33 to N1.44, adding 11kobo or 8.27percent, while Airtel Africa Plc moved up from N298.8 to N298.9, adding 10kobo or 0.03percent.

Transcorp, Zenith, Chams, Fidelity Bank and FBN Holdings were actively traded stocks on the Bourse.

The volume of stocks traded decreased by 9.58percent from 209.97million to 189.86million, while the total value of stocks traded decreased by 52.18percent, from N3.103 billion to N1.484 billion in 3,410 deals.  The Financial Services sector led the activity chart with 108.88million shares exchanged for N887million, followed by Conglomerates with 33.03million shares traded for N74 million.

 

Iheanyi Nwachukwu