Nigeria Stock Exchange bull remains in snooze mode

Transactions on the floor of the Nigerian Stock Exchange, NSE, remained pinned to the south as investors lost N140.5 billion at the close of transactions on Tuesday, September 26.

The market had opened for the week on a negative note on Monday as investors await the outcome of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria. At the end of the meeting in Abuja, the MPC left all left all key rates unchanged, while the stock market posted a higher decline.

Specifically, the NSE ASI fell by 1.15 per cent to close at 34,951.27, compared with a depreciation of 0.37 per cent the previous day. The depreciation recorded in the share prices of Dangote Cement, Nestle, Nigerian Breweries, Access Bank, and United Bank for Africa was mainly responsible for the negative close recorded in the index. The performance has reduced the year-to-date (YTD) appreciation in the index to 30.05 per cent.

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However, the value of trading improved significantly to N3.620 billion staked on 500.299 million shares in 3,120 deals, from N1.367 billion invested in 107.148 million shares in 2,848 deals the previous day.

The three most actively traded sectors were: Financial Services (448.22 million shares), Conglomerates (19.34 million shares), and Consumer Goods (11.60 million shares), while the three most actively traded stocks were: Continental Reinsurance (190.51 million shares), Sterling Bank (83.31 million shares) and Access Bank (50.98 million shares).

A look at the price losers’ chart showed that International Breweries Plc led with 4.9 per cent, trailed by MCNichols with 4.7 per cent. Continental Reinsurance Plc shed 4.4 per cent, just as A.G Leventis Plc went down by 4.2 per cent. Law Union & Rock Insurance Plc closed 4.1 per cent lower, just as Morison Industries Plc lost 4.0 per cent.

On the positive side, Neimeth International Pharmaceuticals Plc and NASCON Allied Industries Plc led the price gainers with 4.8 per cent apiece. AXA Mansard Insurance Plc added 4.7 per cent, while Honeywell Flour Mills Plc chalked up 4.6 per cent.

At the close of trading activities, investors exchanged a total of 500.3 million shares worth N3.6 billion compared with 107.2 million units sold yesterday at N1.4 billion.