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NSE dips N164bn on Lafarge Africa, Zenith Bank, NB losses

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The Nigerian Stock Exchange extended its losing streak on Tuesday following investors’ sell off of Lafarge Africa and some banking stocks.

As a result, the All-Share Index declined by 314.11 points or 0.74 per cent to 42,043.79 against 42,357.90 achieved on Monday.

Consequently, the month-to-date loss increased to -0.9 per cent, while the year-to-date gain moderated to 4.4 per cent.

Also, the market capitalisation which opened at N22.157 trillion shed N164 billion or 0.74 per cent to close at N21.993 trillion.

The market loss was driven by price depreciation in large and medium capitalised stocks, amongst which are Nigerian Breweries (NB), Lafarge Africa, Ardova, BOC Gases and Zenith Bank.

Market breadth was negative with 50 losers in contrast with nine gainers.

Linkage Assurance led the losers’ chart in percentage terms, dropping 10 per cent to close at 81k per share.

BOC Gases followed with a loss of 9.99 per cent to close at N13.61, while Ardova lost 9.97 per cent to close at N17.15 per share.

Berger Paints shed 9.94 per cent to close at N7.25, while Northern Nigeria Flour Mills dipped 8.76 per cent to close at N8.75 per share.

On the other hand, Champion Breweries dominated the gainers’ chart in percentage terms, gaining 9.94 per cent to close at N3.76 per share.

Unilever followed with 5.19 per cent to close at N14.20, while eTranzact rose by 5.15 per cent to close at N2.45 per share.

Veritas Kapital Assurance improved by 4.76 per cent to close at 22k, while Sovereign Trust Insurance appreciated by four per cent to close at 26k per share.

The volume of shares transacted declined by 5.3 per cent with a total of 556.02 million shares valued at N4.79 billion exchanged in 7,110 deals.

This was in contrast with 586.81 million shares worth N6.02 billion traded in 7,611 deals on Monday.

Union Bank of Nigeria topped the activity chart with 79.53 million shares valued at N457.26 million.

Transcorp followed with 52.67 million shares worth N54.15 million, while FBN Holdings sold 49.54 million shares valued at N361.65 million.

Zenith Bank accounted for 38.58 million shares worth N1.03 billion, while United Bank for Africa transacted 35.51 million shares valued at N314.79 million.

Chinyere Joel-nwokeoma

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective.A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour.The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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