Stock market reopens November trading with 1.42% slide in index

Sell pressures persisted on the equity sector of the Nigerian Stock Exchange (NSE) yesterday, at the commencement of transactions for the month of November, as losses were extended, causing the All-share index to dip further by 1.42 per cent.

Yesterday, the All Share Index (ASI) was down by 459.62 absolute points, representing a decrease of 1.42 per cent to close at 32,006.65 points. Similarly, the market capitalisation decreased by N168 billion, closing at N11.685 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Dangote Cement, Chemical And Allied Products (CAP), Cement Company of Northern Nigeria (CCNN) and Dangote Sugar.

Analysts at APT Securities and Funds Limited said: “The NSE-ASI recorded the third consecutive depreciation during the course of the week under review. Coupled with the marginal appreciation in the first trading session of the week, we thus expect the bourse to close southward week-on-week (WoW).”

Market breadth closed negative, recorded 11 gainers against 24 losers. Japaul oil and maritime services recorded the highest price gain of 10 per cent, to close at 22 per share. Neimeth International Pharmaceuticals followed with a gain of 9.09 per cent to close at 60 kobo, while Wapic Insurance rose 7.50 per cent to close at 43 kobo per share.

Learn Africa appreciated by 7.27 per cent to close at N1.18, while Presco up by 6.49 per cent to close at N59.85 per share. On the other hand, Cadbury Nigeria led the losers’ chart by 10 per cent, to close at N9, while CAP followed with a decline of 9.97 per cent to close at N25.75, per share.

Eterna shed 9.92 per cent to close at N5.45, while CCNN and Africa Prudential depreciated by 9.82 per cent, each to close at N22.50 and N3.58 per share.

However, the total volume traded appreciated by 67.41 per cent to 355.76 million shares, worth N4.86 billion, and traded in 3,019 deals. Transactions in the shares of FCMB Groups topped the activity chart with 168.73 million shares valued at N261.23 million. Guaranty Trust Bank followed with 85.76 million shares worth N3.21 billion, while Zenith Bank traded 24.37 million shares valued at N562.86 million.

Transnational Corporation of Nigeria (Transcorp) traded 8.58 million shares valued at N10.86 million, while FBN Holdings transacted 6.09 million shares worth N48.15 million.