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NSE index dips further after broad sell-off

By on December 12, 2014

A broad sell-off on Wednesday caused the Nigerian Stock Exchange to close lower for the third straight day this week.

There was no respite for the NSE All Share Index as it fell significantly by 728.79 basis points or 2.21 per cent to close at 32,203.62 basis points a day after shedding 0.43 per cent to close at 32,932.41 basis points.

Consequently, its year-to-date return has slipped to 22.08 per cent negative.

The market capitalisation of the listed equities also declined by 2.21 per cent or N241bn to from N10.872tn to N10.631tn.

The decline cut across all of the market indicators with the exception of the NSE Alternative Securities Market Index, which rose by 2.04 per cent or 21.23 basis points from 1,036.13 basis points to 1,057.36 basis points.

The NSE 30 Index shed 2.1 per cent to close at 1,472.22 basis points, the NSE Banking Index was down by 1.28 per cent to close at 339.54 basis points, while the NSE Insurance Index declined by 1.39 per cent to 147.47 basis points.

Similarly, the NSE Consumer Goods Index depreciated by 2.93 per cent to close at 847.94 basis points, while the NSE Oil and Gas Index, which recorded the least fall, shed 0.78 per cent to close at 406.20 basis points.

The NSE Lotus Islamic Index lost 1.5 per cent or 31.62 basis points to close at 2,052.09 basis points, while the NSE Industrial Index, the worst hit on Wednesday, was down by 2.34 per cent or 45.64 basis points.

A total of 376.202 million shares worth N10.631tn were traded in 4,230 deals with the banking sub-sector accounting for 47.69 per cent of the turnover.

In the sub-sector, 179.439 million stocks valued at N2.844bn were traded in 1,607 deals.

Volume was driven by trading in the shares of Guaranty Trust Bank Plc, Ecobank Transnational Incorporated Plc, Zenith Bank Plc and Wema Bank Plc.

Only 13 equities recorded price appreciation, compared to 34 losers.

NAHCO Aviance Plc led the gainers after rising by 4.94 per cent or 22 kobo to close at N4.67 per share.

At the top of the losers’ table were Nigerian Breweries Plc, Seplat Petroleum Development Company Plc and Guinness Nigeria Plc and Livestock Feeds Plc, which fell by five per cent each.

 

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