Business
Nigeria’s stock market ends February on a bad note
The decline in the value of shares on the Nigerian Stock Exchange (NSE) continued for the third day in a roll, as investors lost a total of N365 billion in the last three days to end the month of February in the negative.
The market value which rose to N12.200 trillion on the 15 of February, closed the month on Thursday at N11.424 trillion.
98.8 percent of N371 billion total market value in the second half of February happened this week following the announcement of the result of Saturday’s presidential and National Assembly elections by the Independent National Electoral Commission, INEC
Only on Thursday, investors lost N195bn as 30 stocks led by Oando Plc suppressed the gains recorded by nine stocks, while All Share Index of the NSE shed 1.63 per cent to close at 31,718.70 basis points on Thursday, while the year-to-date gain declined to 0.97 per cent.
Activity level was however mixed as volume traded decreased slightly by 9.7 per cent to 411.695 million units while the total value traded increased by 96.6 per cent to N5.3bn.
The banking sector emerged the highest loser as it declined by 4.56 per cent on the back of losses in 10 commercial banks, one microfinance bank and two financial institutions. The losers were led by First City Monument Bank Plc, whose share price depreciated by 9.78 per cent.
Only Union Bank and Jaiz Bank Plc recorded share price increase, while Sterling Bank Plc’s share price remained unchanged.
The consumer goods sector went down by 2.02 per cent on the back of major losses recorded in Dangote Flour Mills Plc as its share price dropped by 8.79 per cent, while Honeywell Flour Mills Plc, Nigerian Breweries Plc, Nestlé Nigeria Plc and Flour Mills Nigeria Plc all contributed to the poor performance of the sector as their share prices shed 5.07 per cent, 4.45 per cent, two per cent and 0.25 per cent, respectively.
The oil and gas sector declined by 1.56 per cent as major gains in Oando and Japaul Oil and Maritime Services Plc dragged the sector to a negative close.
Oando emerged the major loser for the day as its share price dropped by 9.92 per cent to close at N5.90.
The insurance sector recorded a 0.97 per cent decline due to the losses recorded in five stocks.
The industrial goods index however appreciated by 0.67 per cent, on the back of gains recorded in Dangote Cement, emerging the only gainer in the sector with a 1.45 per cent increase in its share price.
Analysts attributed the gain in Dangote Cement to bargain hunting following the company’s 2018 financial year result.
The decline in the value of shares on the Nigerian Stock Exchange (NSE) continued for the third day in a roll, as investors lost a total of N365 billion in the last three days to end the month of February in the negative.
The market value which rose to N12.200 trillion on the 15 of February, closed the month on Thursday at N11.424 trillion.
98.8 percent of N371 billion total market value in the second half of February happened this week following the announcement of the result of Saturday’s presidential and National Assembly elections by the Independent National Electoral Commission, INEC
Only on Thursday, investors lost N195bn as 30 stocks led by Oando Plc suppressed the gains recorded by nine stocks, while All Share Index of the NSE shed 1.63 per cent to close at 31,718.70 basis points on Thursday, while the year-to-date gain declined to 0.97 per cent.
Activity level was however mixed as volume traded decreased slightly by 9.7 per cent to 411.695 million units while the total value traded increased by 96.6 per cent to N5.3bn.
The banking sector emerged the highest loser as it declined by 4.56 per cent on the back of losses in 10 commercial banks, one microfinance bank and two financial institutions. The losers were led by First City Monument Bank Plc, whose share price depreciated by 9.78 per cent.
Only Union Bank and Jaiz Bank Plc recorded share price increase, while Sterling Bank Plc’s share price remained unchanged.
The consumer goods sector went down by 2.02 per cent on the back of major losses recorded in Dangote Flour Mills Plc as its share price dropped by 8.79 per cent, while Honeywell Flour Mills Plc, Nigerian Breweries Plc, Nestlé Nigeria Plc and Flour Mills Nigeria Plc all contributed to the poor performance of the sector as their share prices shed 5.07 per cent, 4.45 per cent, two per cent and 0.25 per cent, respectively.
The oil and gas sector declined by 1.56 per cent as major gains in Oando and Japaul Oil and Maritime Services Plc dragged the sector to a negative close.
Oando emerged the major loser for the day as its share price dropped by 9.92 per cent to close at N5.90.
The insurance sector recorded a 0.97 per cent decline due to the losses recorded in five stocks.
The industrial goods index however appreciated by 0.67 per cent, on the back of gains recorded in Dangote Cement, emerging the only gainer in the sector with a 1.45 per cent increase in its share price.
Analysts attributed the gain in Dangote Cement to bargain hunting following the company’s 2018 financial year result.
Acting Business Editor
National Daily Newspaper
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Nigeria’s stock market ends February on a bad note
The decline in the value of shares on the Nigerian Stock Exchange (NSE) continued for the third day in a roll, as investors lost a total of N365 billion in the last three days to end the month of February in the negative.
The market value which rose to N12.200 trillion on the 15 of February, closed the month on Thursday at N11.424 trillion.
98.8 percent of N371 billion total market value in the second half of February happened this week following the announcement of the result of Saturday’s presidential and National Assembly elections by the Independent National Electoral Commission, INEC
Only on Thursday, investors lost N195bn as 30 stocks led by Oando Plc suppressed the gains recorded by nine stocks, while All Share Index of the NSE shed 1.63 per cent to close at 31,718.70 basis points on Thursday, while the year-to-date gain declined to 0.97 per cent.
Activity level was however mixed as volume traded decreased slightly by 9.7 per cent to 411.695 million units while the total value traded increased by 96.6 per cent to N5.3bn.
The banking sector emerged the highest loser as it declined by 4.56 per cent on the back of losses in 10 commercial banks, one microfinance bank and two financial institutions. The losers were led by First City Monument Bank Plc, whose share price depreciated by 9.78 per cent.
Only Union Bank and Jaiz Bank Plc recorded share price increase, while Sterling Bank Plc’s share price remained unchanged.
The consumer goods sector went down by 2.02 per cent on the back of major losses recorded in Dangote Flour Mills Plc as its share price dropped by 8.79 per cent, while Honeywell Flour Mills Plc, Nigerian Breweries Plc, Nestlé Nigeria Plc and Flour Mills Nigeria Plc all contributed to the poor performance of the sector as their share prices shed 5.07 per cent, 4.45 per cent, two per cent and 0.25 per cent, respectively.
The oil and gas sector declined by 1.56 per cent as major gains in Oando and Japaul Oil and Maritime Services Plc dragged the sector to a negative close.
Oando emerged the major loser for the day as its share price dropped by 9.92 per cent to close at N5.90.
The insurance sector recorded a 0.97 per cent decline due to the losses recorded in five stocks.
The industrial goods index however appreciated by 0.67 per cent, on the back of gains recorded in Dangote Cement, emerging the only gainer in the sector with a 1.45 per cent increase in its share price.
Analysts attributed the gain in Dangote Cement to bargain hunting following the company’s 2018 financial year result.