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NSE index sheds 1.07%

By on December 4, 2014

The equities market closed on a negative note for the third straight session on Tuesday as investors gave in to selling pressure.

After recording gains for three sessions, following the announcement of the devaluation of the naira, equities fell on Friday as negative investment sentiment and the pressure to conserve value outweighed bargain hunting.

On Tuesday, the Nigerian Stock Exchange All Share Index fell by 1.07 per cent to close at 33,550.73 basis points, a day after it fell by 1.82 per cent from 34,543.05 basis points to 33,914.25 basis points.

The market capitalisation of the listed equities suffered the same fate. It fell by N120bn or 1.07 per cent, compared to the N208bn decline it recorded the previous day.

Only three market indicators did not decline on Tuesday. The NSE Insurance Index gained 1.9 per cent, the NSE Oil and Gas Index rose by 1.3 per cent, while the NSE Alternative Securities Market Index closed flat at 1,036.13 basis points.

The NSE 30 Index fell by 1.5 per cent to 1,525.27 basis points, the NSE Banking Index shed 2.4 per cent to close at 353.63 basis points and the NSE Consumer Goods Index declined by 1.2 per cent.

The NSE Lotus Islamic Index fell by 1.2 per cent as well – to 2,093.75 basis points, while the NSE Industrial Index shed 0.6 per cent to 1,971.91 basis points.

Meanwhile, the banking sub-sector sustained its grip on the activity chart, accounting for 40.2 per cent of the 218.664 million shares valued at N4.577bn that were exchanged by investors in 4,675 deals.

In the sub-sector, 87.974 million shares worth N1.181bn were traded in 1,465 deals.

Volume was driven in the sub-sector by trading in the shares of Guaranty Trust Bank Plc, United Bank for Africa Plc, Ecobank Transnational Incorporated Plc, Access Bank Plc and Zenith Bank Plc.

Only 14 equities appreciated in price on Tuesday, as against 35 losers.

Custodian and Allied Plc rose by 8.75 per cent or 35 kobo to top the gainers table; followed by Oando Plc, which gained 6.33 per cent or N1.19 to close at N19.99 per share.

On the other hand, Costain (West Africa) Plc was the top loser, shedding 9.43 per cent or 10 kobo to close at 96 kobo per share.

Diamond Bank Plc fell by five per cent or 30 kobo to close at N5.70 per share, while Nestle Nigeria Plc was down by 4.99 per cent to close at N798.10 per share.

 

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