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Stock market hits 14-month low as Nestle leads losers



Stock market hits 14-month low as Nestle leads losers


The equities market yesterday hit 14-month low to drop below 34,000 basis points as sell offs continued unabated.
Its Year-to-Date (YTD) returns currently stands at -12.11 per cent.

Investors remained downbeat with the ASI dipping further by 1.25 per cent, following profit taking across major sectors.

Consequently, the market losses widened as Nestle Plc led the pack of losers following investment apathy.
The local bourse recorded only 11 gainers against 21 losers.

Consequently, the All-Share Index dipped 426.22 basis points or 1.25 per cent to close at 33,611.69 index points as against 34,037.91 recorded the previous day while market capitalisation of equities depreciated by N156 billion from N12.426 trillion the previous day to N12.270 trillion as market sentiment remained in the negative territory.

Meanwhile, a turnover of 137.6 million shares exchanged in 3,104 deals was recorded in the day’s trading.

The banking sub-sector of the financial services sector was the most active during the day (measured by turnover volume); with 61.3 million shares exchanged by investors in 600 deals.
Volume in the sub-sector was largely driven by activities in the shares of Diamond Bank Plc and GTB Plc.

Also, Premium sub-sector, boosted by activities in the shares of UBA Plc and Zenith Bank Plc, followed with a turnover of 36.7 million shares in 1,034 deals.

Further analysis of the day’s trading showed that Sunu Assurance Plc topped the day’s gainers’ table with 10 per cent to close at 22 kobo per share while Union Dicon Plc followed with 7.41 per cent to close at 29 kobo per share.
Honeywell Flour Mills Plc added 5.56 per cent to close at N1.52 per share.

On the flip side, Nestle Nigeria Plc led the losers with a drop of 9.67 per cent each to close at N1.355 per share while GSPEC Plc shed 9.45 per cent to close at N5.75 per share.
Forte Oil Plc plunged by 9.45 per cent to close at N19.05 per share.

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