Wednesday, January 13, 2016 2:07 am
Nigeria’s equities market traded on the lingering weak sentiment which drove sell pressure across the board, more pronounced in top banking and consumer space.
Thus, the benchmark index (NGSE INDX) recorded a loss of 1.2% to close at 26,034.93 points, the lowest level in 3 years.
Similarly, market capitalization was down to N8.9trn after losing N109.bn.
Market activity measured by value and volume traded followed general market sentiment as value and volume traded increased by 83.1% and 75.0%, settling at N2.5trn and 223.4mn units respectively.
A fractional 8 counters appreciated in comparison to 32 decliners, as market breadth settled at 0.2x. Sentiments are expected to remain frail in coming sessions, hinged on bleak earnings expectation, bearish outlook for oil price and apathy towards Naira assets by FPIs.
Sell pressure witnessed across key sectors: Returns across the major sectors remained negative at the close of today’s trading session.
Despite gains in ACCESS (+1.1%), the financial services led the losses in returns at -2.7% on the back of broad base losses in ZENITHBANK (-5.0%), ETI (-3.8%) and FBNH (-2.8%). Declines in NB (-4.0%) and PZ (-4.9%) further dragged the Consumer Goods sector down with a -1.7% return.
Further losses in OANDO saw the Oil and Gas sector return -0.3%. The industrial goods sector return 3.8% on the back of a 3.8% drop in the price of ASHAKACEM shares.
An analysis of the price movement table indicated that Nigerian Breweries led the losers’ pack with a loss of N4.22 to close at N102.02 per share. PZ Industries trailed with a loss of N1.08 to close at N21.13, while Ashaka Cement dropped 96k to close at N24.24 per share.
Cadbury declined by 81k to close at N15.49, while GTBank dipped by 65k to close at N17.25 per share.
Conversely, Portland Paints and Products led the gainers’ table, increasing by 19k to close at N4.13 per share. Champion Breweries gained 16k to close at N3.38, while Eterna Oil increased by 8k to close at N1.05 per share. May & Baker grew by 5k to close at N1.05, while Trans Express went up by 4k to close at N1.15 per share.
The volume of shares traded increased by 74.96 per cent as a total of 223.39 million shares worth N2.51 billion were traded in 2,776 deals on Tuesday.
This was against the 127.68 million shares valued at N1.37 billion traded in 2,474 deals on Monday.
Further analysis showed that GT Bank recorded the highest volume, exchanging 91.62 million shares worth N1.65 billion in 299 deals.
FBN Holdings followed with 20.97 million shares valued at N88.43 million achieved in 306 deals, while UBA Africa sold 17.94 million shares worth N53.32 million in 191 deals.
Diamond Bank exchanged 12.76 million shares valued at N25.63 million in 40 deals, while AIICO Insurance sold 10.03 million shares worth N9.09 million in 18 deals.