Mobil, Dangote Cement, others lead stock market’s N122b loss
The bears strengthened its hold on the trading floor of the Nigerian Stock Exchange (NSE), to close negative for the third consecutive session, causing market capitalisation to plunge further by N122billion.
Specifically, at the close of trading yesterday, Mobil Oil topped the losers’ chart with 10.50 kobo to close at N199.50 per share, while Dangote Cement followed with 6.00 kobo to close at N264.00 per share. Nigerian Breweries lost 2.90 kobo to close at N142.00 per share. Julius Berger shed N1.25 kobo to close at N26.05 per share.
Unilever led others on the gainers’ chart with 2.25 kobo to close at N47.60 per share. Zenith Bank followed with 0.80 kobo to close at N32.00 per share. Caverton trailed with 0.27 kobo to close N3.05 per share.
Cement Company of Northern Nigeria gained 0.25 kobo to close at N19.00 per share. GlaxoSmithKline added 0.25 kobo to close at N19.25 per share.Consequently, the All-share index, which measures the performance of listed firms depreciated by 339.14 points or 0.8 per cent from 43,877.30 recorded on Tuesday to 43,538.16.
Also, market capitalisation of listed equities dropped by N122billion or 0.8 per cent from N15.745trillion to N15.623trillion.The Chief Research Officer of Investdata Consulting, Ambrose Omodion, said the pullback is an opportunity for investors to enter the stocks cheaper for more returns on investment.Therefore, he urged investors to identify and patronise stocks with underlying value and dividend paying history or propensity to position after this pullback.
“We therefore urge investors not to panic but search and identify stocks with underlying value, with dividend paying history or propensity to position after this pullback.“It may seem that the back of the uptrend was broken with this correction, but it has created opportunities for a “buy market” with stock prices likely to bounce back in few days when the results start pouring in,” he added.
Analysts at Codros capital said: “We believe that strengthening macroeconomic fundamentals suggest legroom for further gains; more so, as investors take position ahead of Q4-17 corporate releases.”
On the activity chart, Lasaco Insurance was investors’ delight with 57 million shares worth N20million while FBN Holdings accounted for 55 million units valued at N707million.
Skye Bank traded 43 million shares worth N48million.Access Bank exchanged 31 million units valued at N396million. Dangote Sugar accounted for 29 million shares worth N688million. Investors exchanged 508 million shares worth N4.6billion in 6,155 deals, down from a total of 717 million units worth N4.9billion that was recorded on Tuesday.
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