Published On: Thu, Sep 13th, 2018

Equity market maintains downtrend as sell-Off persists

 

 

The Nigerian Stock Exchange

FELIX OLOYEDE

Continuous sell-off by investors stretches the Nigerian equity market’s decline to eight trading sessions as losses recorded by medium and large capitalized stocks weighed it down.

The All Share Index (ASI) dropped by 270.56 absolute points, representing a decrease of 0.84 per cent to close at 32,022.23 points. And the Market Capitalization lost N98.78 billion, representing a decrease of 0.84 per cent, closing at N11.69 trillion.

Majority of the companies were on the losing divide with 26 losers, while just nine of them gained at the end of the day’s trading session.

WAPCO topped the losers table, down by -10 per cent, followed by Conoil, which shed -9.88 per cent and CCNN -7.41 per cent. However, Skye Bank led the gainers chart, increasing 9.84 per cent, trailed by Unity Bank and Transcorp, which appreciated by 8.97 per cent and 4.63 per cent respectively.

Total volume and value of trades dropped by 29.71 per cent and 46.44 per cent to 173.55 million units and NGN3.71 billion respectively, exchanged in 3,082 deals.

The Industrial Goods index, which declined -3.34 per cent remained the top loser, owing to sell pressure in WAPCO and CCNN shares. The Consumer Goods (-2.31 per cent), Insurance (- 1.55 per cent), and Oil & Gas (-0.72 per cent) indices were also in the red, following losses posted in the respective shares of Honey Flour, WAPIC, and Forte Oil -7.41 per cent. While on the flip side,  GTBank, which appreciated 1.07 per cent spurred the marginal uptick in the Banking (+0.01 per cent) index.

“The absence of a one-off positive trigger and political jitters ahead of the 2019 elections, guide our conservative outlook for equities in the short to medium term. However, stable macroeconomic fundamentals remain supportive of recovery in the long term,” Analysts at Cordros Capital Ltd explained.

 

 

 

 

 

 

© 2018, Hallmarknews. All rights reserved. Reference and link to this site is required if you wish to reuse any article.

Reactions from Facebook

comments and opinions

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Most Shared

Recent posts

  • Ambode fights for his political life

    By OBINNA EZUGWU It is no longer news; the political love affair in Lagos state is in trouble. For the first time since 1999, a sitting governor is facing a real challenge from his own party for the ticket. The indignity can only be imagined and its implications continue to reverberate across the state and […]

  • Adeosun: Betrayed by a dysfunctional system (Editorial)

    A fortnight ago, former Finance Minister Mrs. Kemi Adeosun, resigned her position following the report of an investigative panel into allegations of NYSC certificate forgery against her. The allegation had been earlier made by an online newspaper, Premium Times, and the nation was agog with speculations about it. Her resignation has been interpreted by most […]

  • High cost of Nomination Forms: A conspiracy against the youths

    From PETER OKORE, Umuahia Amidst the mixed feelings trailing the high cost of Nomination Forms for interested candidates to participate in the 2019 general elections, there is growing consensus for the electorate should go for credible candidates rather than political parties in order to achieve desired results. This is because since some political parties in the […]

  • Govt bottlenecks still inhibiting agric business– Farmfields CEO

    Mr. Zanau Hassan Maikasuwa is the CEO of Farmfields Agro-allied Services, an agro-allied consulting and supply firm located in Jalingo, Taraba State. He is an ardent agricultural expert and a strong believer of improving agricultural methods for an improved and more rewarding agricultural sector in Nigeria. In this interview with BLESSING PETER, he assessed the […]

  • China and Nigeria’s debt burden

    By AYOOLA OLAOLUWA Experts have raised the alarm over the continued foray of Chinese businesses and massive funds into Nigeria, saying it portend danger for the country. They argued that the nation risk falling into debt trap, joblessness, among other costs, as is being experienced by several Africans countries. Available data indicate that apart from the […]

  • New Banks fight for survival 

    By OKEY ONYENWEAKU A clutch of new financial institutions are beginning to slowly appear on Nigeria’s banking scene as the once fragile economy wriggles out of a recession that held sway between the middle of 2015 and the second quarter of 2017. The renewed institutional confidence in the economy (which has grown more recently at […]

  • Gov poll: Stalemate in Osun as APC, PDP live to fight another day

    The Independent National Electoral Commission on Sunday declared the Osun State governorship election inconclusive. The candidate of the Peoples Democratic Party, Ademola Adeleke, had polled 254,698 votes against that of the All Progressives Congress, Gboyega Oyetola, who polled 254,345 votes. However, due to irregularities which marred the election at some polling units in Ife North, […]

  • Ambode fights for his political life

    By OBINNA EZUGWU It is no longer news; the political love affair in Lagos state is in trouble. For the first time since 1999, a sitting governor is facing a real challenge from his own party for the ticket. The indignity can only be imagined and its implications continue to reverberate across the state and […]

  • Business Hallmark Cover Page for this week

    © 2018, Hallmarknews. All rights reserved. Reference and link to this site is required if you wish to reuse any article. Reactions from Facebook comments and opinions

  • Customers fret over Skye Bank’s demise

    By Okey Onyenweaku There was subdued anxiety within the finance circles throughout the weekend over the collapse of Skye Bank plc. The sudden demise of the stricken lender, caught many industry stakeholders napping. However, usually reliable sources confirmed to Business Hallmark that the move had long been anticipated and was carefully managed to protect depositors […]

  • Cover

    © 2018, Hallmarknews. All rights reserved. Reference and link to this site is required if you wish to reuse any article. Reactions from Facebook comments and opinions

  • The crash of Nigeria Air

    By OBINNA EZUGWU Nigeria, since the beginning of the President Muhammadu Buhari administration, has become a large theatre of the absurd – not that it has ever been a sane country though – and last week, another episode of the drama was ‘screened’ by the Minister of State for Aviation, Senator Hadi Serika, who announced, […]

  • (Editorial) Adeosun: Betrayed by a dysfunctional system

    A fortnight ago, former Finance Minister Mrs. Kemi Adeosun, resigned her position following the report of an investigative panel into allegations of NYSC certificate forgery against her. The allegation had been earlier made by an online newspaper, Premium Times, and the nation was agog with speculations about it. Her resignation has been interpreted by most […]

  • New banks fight for survival 

    By Okey Onyenweaku A clutch of new financial institutions are beginning to slowly appear on Nigeria’s banking scene as the once fragile economy wriggles out of a recession that held sway between the middle of 2015 and the second quarter of 2017. The renewed institutional confidence in the economy (which has grown more recently at […]

  • Why NNPC adopted contractors funding contract

    The Nigerian National Petroleum Corporation (NNPC) has explained why it has resorted to contractor-financing of its pipeline and other facilities development in recent times in the Industry. Delivering the Keynote speech at the Nigerian International Pipeline Technology and Security Conference (NIPITECS 2018) Tuesday in Abuja, the NNPC Group Managing Director, Dr. Maikanti Baru, stated that […]

  • Justice Kafarati explains why AMCON failed to recover N5.4trn debt

    The Chief Judge of Federal High Court, Abuja Division, Hon. Justice Adamu Abdu Kafarati, has said there is a need for judges in Nigeria to support the recovery efforts of Asset Management Corporation of Nigeria (AMCON) since the corporation was established as a central element of government’s response to financial crisis in the country.  Justice […]