Oil & gas, industrial, consumer goods record worst performance as investors lose N879bn

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Stocks listed in the oil and gas, industrial and consumer goods sub sectors on the Nigerian Stock Exchange are daily trailing their listed stocks in other sub segments as a result of which their sub sectoral indexes are the worst performing on the NSE year to date. When transactions ended last week, the NSE Oil & Gas Index closed at 302.23 representing negative 12.35 percent loss year to date. The NSE Industrial Index closed lower at 1,096.75 as against 1,237.88 at the beginning of the year just as the NSE Consumer Good Index ended the week at 669.53 in contrast to 748.83 and that amounted to -10.59 percent year to date.

Whereas the All Share Index (ASI) closed last week at 28,847.81 as against 31,430.50 on the last trading day of 2018, representing -8.22 percent YTD, by closing at -12.35 percent, -11.40 percent and -10.59 percent, the oil & gas, industrial and consumer goods sub sectoral indexes emerged the worst performing indexes on the NSE, as the stock components are among the laggards on the NSE.

Analysts across the capital market are of the views that while the equity valuations hold much promise for long term investors, there is need for triggers that will stimulate significant interest in the market.

“Looking ahead, we expect activities in the local bourse to remain tepid in absence of positive triggers that could spur massive buying interest. However, we do not rule out the possibility of intermittent gains in the market on the backdrop of bargain hunting of stocks with relatively cheap prices”, United Capital said in a note to clients.

Seven stocks make up the components of the NSE Industrial Index which are Conoil, Forte Oil, Mobil, MRS, Oando, Total and Seplat. Year to date, only Forte Oil … Read More...

Investors lose additional N49bn as sell pressure persists on Nigerian Bourse

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Sell pressure witnessed at the Nigerian Stock Exchange (NSE) continued on Wednesday May 8, 2019 leading to equities eroding approximately N49billion in value.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased further by 0.45percent on the review trading day, while the Year-to-Date (ytd) return stood further low at 7.84percent. The stock market recorded 21 gainers as against 21 losers.

The All Share Index fell below 29,000 points and closed at 28,966.41 points as against the preceding day close of 29,096.41 points.

The value of listed equities –Market Capitalisation closed at N10.887 trillion as against preceding day close of N10.936 trillion.

Dangote Cement Plc led the laggards table after its share price decreased from N181 to N179, losing N2 or 1.10percent.

Mobil Oil Nigeria Plc followed from N175 to N173, losing N2 or 1.14percent; while GTBank Plc declined from N33 to N32.3, down 7kobo or 2.12percent. Beta Glass Plc stock price advanced most from N62.7 to N68.95, adding N6.25 or 9.97percent.

Dangote Flour Mills Plc also gained, from N16 to N16.8, adding 80kobo or 5percent; while Cadbury Nigeria Plc moved up from N10.7 to N11, gaining 30kobo or 2.80percent.

The volume of stocks traded decreased by 24.5percent, from 430.26million to 324.81million, while the total value of stocks traded increased by 14.37percent, from N2.83billion to N3.24billion in 3,631 deals.

The Financial Services sector led Wednesday activity chart with 247.5million shares exchanged for N2.12billion; followed by Consumer Goods with 27.09million shares traded for N993million.

 

Iheanyi Nwachukwu

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MTN applies to SEC to list shares on the Nigerian stock exchange

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MTN has formally asked the Nigerian Securities & Exchange Commission for permission to proceed with the much awaited listing of its shares, according to two people familiar with the matter. The company, Africa’s biggest mobile-phone company by subscribers, applied to the Abuja-based SEC for a registration of shares and a listing on the Nigerian Stock…

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