GBOLABO AFUWAPE
The 1.03 percent decline in the stock of Dangote cement on Tuesday, led the way to the lowest points that the Nigerian bourse had so far recorded in 2018.
The stock market which recorded a year-to-date (YtD) return of 18.49 percent as at the end of Tuesday’s trading session had the 31,533.50 all share index and N11.512 trillion market capitalization recorded, the lowest in 2018.
The Nigerian bourse on Tuesday witnessed high volatility as the market’s highly capitalized stocks in various sectors recorded price drops to bring about the 1.14 percent drop in the all share index and market capitalization.
MARKET MAIN INDEXES
The bourse’s main indexes closed mixed as total deals grew by 7.21 percent, surpassing 3,000 mark to amount to 3,121 trades concluded. Aggregate volume grew by 73.77 percent to amount to182.229 million equities. Aggregate value grew by 41.81 percent to amount to N2.754 billion as at close of the day’s trading session.
Market players largely, did more of profit taking on various stocks on the floor of the exchange as stocks of 22 listed firms had a total of 154.670 million equities valued at N1.620 billion exchange hands in 2,010 deals in the day. This is against 13 listed firms that recorded a total of 7.902 million equities valued at N0.592 billion exchange hands in 388 deals, Tuesday.
Of all the main sectors on the bourse, only insurance recorded growth in its index on Tuesday. The financial services providing sector had its index grow by 1.17 percent thanks to the 9.68 percent price growth of Continental Re-insurance.
Conversely, oil and gas sector declined the most in the day. The sector relapsed by 5.68 percent. NSE30 declined by 1.32 percent, NSE50 declined by 0.93 percent. Banking sector declined by 1.65 percent and industrial goods sector declined by 0.93 percent while Consumer goods sector closed largely flat as it declined by 0.09 percent.
The stocks of Cement Company of Northern Nigeria, Access bank and Transcorp were the most traded in the day.
Those of First bank of Nigerian Holdings (FBNH), Guaranty Trust bank and United bank for Africa (UBA) recorded the most deals while those of CCNN, Nestle Nigeria and Nigerian Breweries recorded the most value turnover in the day.
Market breadth was ill as 23 stocks led by AG Leventis, Forte oil and PZ Cussons declined in prices, outnumbering the 14 stocks led by Betaglass, Continental Reinsurance and CAP Plc that advanced in prices.
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