Stock market falls further as Julius Berger, Okomu, 30 others dip

Stock market falls further as Julius Berger, Okomu, 30 others dip

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Nigerian stock market recorded further decline on Tuesday May 7, 2019 as Julius Berger Nigeria Plc led the basket of 32 laggards against just 11 advancers.

At the sound of closing gong on the Nigerian Stock Exchange (NSE) 9th floor trading hall, the All Share Index (ASI) decreased by 0.34percent, while the Year-to-Date (ytd) return stood further negative at -7.43percent.

Investors lost approximately N37billion in just one day as all key sectors closed in the red amidst profit taking across the board, despite NSE Industrial Index.

The All Share Index closed at 29,096.41points as against the preceding day close of 29,196.87 points while Market Capitalisation closed at N10.936trillion as against preceding day close of N10.973trillion.

The volume of stocks traded increased by 58.7percent, from 271.07 million to 430.26 million, while the total value of stocks traded increased by 103.9percent, from N1.39billion to N2.83billion in 4,512 deals.

Julius Berge Nigeria Plc led the losers table after its share price decreased from N26.95 to N24.9, losing N2.05 or 7.61percent. It was followed by Okomu Oil Palm Plc which dipped from N72 to N70, after losing N2 or 2.78percent.

Other top losers include Dangote Flour Mills Plc which was down from N17.75 to N16, shedding N1.75 or 9.86percent. Cadbury Nigeria Plc declined from N11.8 to N10.7, losing N1.1 or 9.32percent; while Zenith Bank Plc stock price declined from N20.9 to N20.55, shedding 35kobo or 1.67percent.

“As the All Share Index nears the 29,000 point mark (closed 29,096.41 Tuesday), we see this as good entry points for investors with medium to long term investment horizon”, said equity research analysts at Lagos-based Vetiva.

The analysts expect investors to take advantage of already deflated prices on select names in Tuesday’s session, adding that they foresee a “neutral to positive session characterised by mixed trading and average activity levels”.

Meanwhile, Beta Glass Plc led the advancers’ league after its share price rose from N57 to N62.7, adding N5.7 or 10percent. Access Bank Plc stock price was also on the rally from N6.95 to N7.15, up by 20kobo or 2.88percent. Custodian Investment Plc increased from N6.35 to N6.5, adding 15kobo or 2.36percent. FBN Holdings Plc increased from N7.4 to N7.45, up by 5kobo or 0.68percent; while PZ Cussons Plc moved up from N8.95 to N9, rising also by 5kobo or 0.56percent.

The Financial Services sector led the activity chart on the review day with 198.9million shares exchanged for N1.9billion; while ICT followed with 118.6 million shares traded for N33million.

 

Iheanyi Nwachukwu



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