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Nigerian Equities Market opens on bearish note

By on January 7, 2015

The Nigerian equities market shed  N240 billion on the first trading of 2015, indicating profit taking by some investors. The market, which  dipped by N1.748 trillion last year, opened for trading on a bearish note yesterday as the market capitalisation fell from N11.477 trillion to close at N11.237 trillion.

Nigerian Stock Exchange (NSE) All-Share Index (ASI) declined by 2.06 per cent from 34,657.15 to close at 33,943.29. The decline resulted from losses by leading blue chip stocks, Dangote Cement Plc and Nigerian Breweries Plc.

Dangote Cement went down by five per cent or N170 billion as the equity fell by N10 to close lower at N190 per share. Nigerian Breweries Plc shed 1.4 per cent or N17 billion as the stock declined by N2.30 to close lower at 163 per share.

In all, 29 stocks declined in value while 16 others appreciated.  Seplat Petroleum Development Company Plc led the price losers with 5.26 per cent, trailed by Glaxosmithkline Consumer Nigeria Plc with 5.18 per cent. Julius Berger Nigeria Plc shed five per cent, while Ashaka Cement Plc, International Breweries Plc, and Cement Company of Northern Nigeria Plc  went down by 4.9 per cent apiece.

On the other hand, R.T. Briscoe Nigeria Plc led the price gainers with 9.1 per cent to close at N0.84, followed by Oando Plc with 8.6 per cent. UACN Property Development Company Plc appreciated by 4.9 per cent, while Champion Breweries Plc garnered 4.8 per cent. Total Nigeria Plc and National Salt Company of Nigeria Plc rose by 4.5 per cent each among others.

While the ASI closed lower, the volume and value of trading rose by  28 per cent and 29 per cent in that order.  Investors traded 299.4 million shares worth N5.5 billion traded in 3,803 deals, compared with 233.814 million shares valued at N4.228 billion traded in 2,775 deals last Wednesday.

The financial services sector dominated, accounting for 242.257 million shares worth N3.939 billion exchanged in 2,028 deals.  The banking sub-sector traded 219.687 million shares valued at N3.807 billion traded in 1,451 deals.

 

[ThisDay]