• Saturday, March 30, 2024
businessday logo

BusinessDay

Stocks shed N48bn as investors sell Unilever, CCNN, 18 others

NSE reverses loss trend as investors revisit bellwether stocks

The Nigerian stock market closed on a negative note on Monday June 10 after carrying over last week’s bearish sentiment into the new week.

As a result, the value of listed stocks on the Nigerian Stock Exchange (NSE) depleted further by N48 billion. Only fourteen (14) stocks gained against 20 losers.

While the week got off to a slow start with no drivers to boost market performance, some analyst foresee another session of mild declines on Tuesday.

Read Also: Stock market closes flat as investors watch Nigeria’s social protests

Amid the absence of any catalyst capable of influential the direction of the market, the current market levels, analysts said pose an attractive entry point for unexposed investors.

Top on the list of stocks that investors offered for sale include Unilever Nigeria Plc, CCNN Plc, MTN N Plc, Dangote Flourmills Plc, and NAHCo Plc.

The valued of listed equities decreased from N13.402 trillion to N13.354trillion, down by N48billion.

At the close of trading by 2:30pm on the 9th floor of the NSE, the shares of Unilever Nigeria Plc took the topmost loser’s position. It decreased from N30.95 to N28.6, down by N2.35 or 7.59percent.

Cement Company of Northern Nigeria Plc (CCNN) followed on the list of top losers. Its share price decreased from N15 to N13.5, after losing N1.5 or 10percent.

MTN Nigeria Communications Plc declined from N136.5 to N136, losing 50kobo or 0.37percent. Also on the offer side included the shares of Dangote Flourmills Plc which was down from N16.4 to N16, losing 40kobo or 2.44percent; while NAHCO Plc decreased from N3.39 to N3.06, losing 33kobo or 9.73percent.

The NSE All Share Index (ASI) decreased by 0.36percent, from 30,432.13 points to 30,322.19 points. On the gainers table, Forte Oil Plc stocks led other advancers after moving from N25.75 to N26.5, adding 75kobo or 2.91percent.

UAC-Property Development Company Plc rallied from N1.5 to N1.65, adding 15kobo or 10percent; GTBank Plc went up, from N30.4 to N30.5, adding 10kobo or 0.33percent.

UAC of Nigeria Plc also gained, from        N6.3 to N6.4, adding 10kobo or 1.59percent; followed by Flourmills Nigeria Plc which moved up from N13.9 to N13.95, adding 5kobo or 0.36percent.

The stock market’s year-to-date (ytd) negative returns widened to 3.53percent. Investors exchanged 247,392,557 units valued at N3.484billion in 3,434 deals. Zenith Bank Plc, GTBank Plc, ETI Plc, Custodian Investment Plc and FBN Holdings Plc were actively traded stocks.