Nestle, Mobil, others top stock market N124billion loss
Trading on the floor of the Nigerian Stock Exchange (NSE), continued on a decline yesterday, occasioned by price losses impacted on major highly capitalised stocks, especially Nestle, and Mobil, resulting to a further slide in market capitalisation by N124billion.
Specifically, the ASI shed 341.80 absolute points, representing a decline of 0.90 per cent to close at 37,605.12 points, worsening year-to-date loss to 1.67 per cent. Also, the market capitalisation declined by N124billion to close at N13.622trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were Nestle Nigeria, Mobil Nigeria, Lafarge Africa, Dangote Cement, and Cadbury Nigeria.
Analysts at APT Securities and Funds Limited, said: “the equities market has experienced two consecutive declines since the commencement of the trading week. Hopefully, the market will market a turnaround before the end of the week. We therefore anticipate better trading sessions.”
Market breadth closed negative, with 13 gainers versus 30 losers. Nestle topped the losers chart with 4.13 per cent to close at N1,510 per share, while Mobil followed with 4.95 per cent to close at N190.00 per share.
WAPCO lost 3.66 per cent to close at N39.45 per share. Dangote Cement shed 0.58 per cent to close at N222.8 per share. Cadbury dropped 5.38 per cent to close at N12.30 per share.
On the other hand, Betaglass emerged the day’s highest price gainer with 4.81 per cent to close at N90.45 per share, while Unilever followed with 4.76 per cent to close at N55.00 per share. Nigerian Breweries added 0.71 per cent to close at N113.9 per share.Redstar Express gained 8.33 per cent to close at N6.50 per share. Custodian and Allied Insurance appreciated by 7.42 per cent to close at N5.50 per share.
However, the total volume traded appreciated marginally by 0.45 per cent to 257.39 million shares, worth N2.65billion, and traded in 3,932 deals.Transactions in the shares of Multiverse Mining and Exploration topped the activity chart with 100 million shares valued at N20million. Zenith Bank followed with 16.49 million shares worth N403.28million.Guaranty Trust Bank traded 13.01 million shares valued at N515.96million.Access Bank traded 12.9 million shares valued at N133.02million, while FBN Holdings transacted 10.8 million shares worth N113.96million.