Stock Exchange

Stock market reverses gains as index drops by 0.59%

by with No Comment Businessfinance

The Nigerian Stock Exchange (NSE) has reversed positive sentiment to close on a downturn yesterday as the shares of Nestle Nigeria and 25 others decline, leading to a fall of the All-Share Index (ASI) by 0.59 per cent.

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At the close of trading, ASI contracted by 234.01 absolute points, representing a decrease of 0.59 per cent to close at 39,697.62 points while the overall market capitalisation value lost N122 billion to close at N20.77 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks including Nestle Nigeria, Flour Mills of Nigeria, Ardova Plc, Lafarge Africa and Unilever Nigeria.

Analysts at Vetiva Dealing & Brokerage


As measured by market breadth, market sentiment was negative, as 26 stocks declined relative to 18 gainers. Academy Press recorded the highest price gain of 9.76 per cent to close at 45 kobo, while PZ Cussons Nigeria followed with a gain 9.38 per cent to close at N5.25 kobo.

Royal Exchange and Beta Glass Company went up by eight per cent each, to close at 27 kobo and N54, while Regency Alliance Insurance rose by 7.69 per cent to 28 kobo.

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On the other hand, Mutual Benefits Assurance led the losers’ chart by 10 per cent to close at 36 kobo, per share. Ardova followed with a decline of 9.97 per cent to close at N16.25 while Champion Breweries shed by 9.69 per cent to close at N2.05 kobo.

The Initiates lost 9.62 per cent to close at 47 kobo while Sterling Bank shed 8.75 per cent to close at N1.46 kobo. Meanwhile, the total volume of trades decreased by 59.1 per cent to 222.574 million units, valued at N5.390 billion, and exchanged in 4,470 deals.

Transactions in the shares of Zenith Bank topped the activity chart with 48.102 million shares valued at N1.236 billion. United Capital followed with 20.238 million shares worth N121.971 million, while Mutual Benefits Assurance traded 19.443 million shares valued at N7.224 million.

Japaul Gold and Ventures traded 17.057 million shares valued at N10.483 million, while AXA Mansard Insurance transacted 8.972 million shares worth N9.379 million.

SOURCE: NEWSCENTRIC

Stock Market

Stock market opens on a positive note

by with No Comment financeNews

Nigeria’s equities market opened the month of March on a positive note, rising by 0.33 percent or N69billion at the close of trading session on Monday –the first trading day into the new month.

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Thanks to UACN which led the advancers after its share price moved from N7.5 to N8, gaining 50kobo or 6.67percent.

The Nigerian Stock Exchange (NSE) All-Share Index (ASI) and Market Capitalisation increased from day open low of 39,799.89 points and N20.823 trillion respectively to 39,931.63 points and N20.892trillion.

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Monday’s positive close reduced the negative return seen year-to-date (YtD) to 0.84percent.

Other stocks that aided the positive close include AIICO which increased from N1.15 to N1.21, adding 6kobo or 5.22percent, Veritas Kapital Assurance which increased from 20kobo to 21kobo, adding 1kobo or 5percent.

Also, BUA Cement advanced from N72 to N74.75, up by N2.75 or 3.82percent, while Neimeth moved from N1.83 to N1.88, up by 5kobo or 2.73percent.

“Although the local bourse closed the day in the green, market sentiment remained tepid, evidenced by the declining turnover rate in recent times coupled with the negative market breadth”, according to Vetiva analysts in their March 1 note.

The analysts noted that except for any major significant upward movement in any large cap stock on Tuesday (as seen in BUA Cement on Monday), they expect the market to return south.

READ MORE: BUSINESS DAY