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All-share index sheds 0.5% as bear run persists

By on April 29, 2015

Trading on the Nigerian bourse closed on a negative note yesterday as the bearish trend persisted. The Nigerian  Stock Exchange (NSE) All-share Index declined by 0.5 per cent to close at 34,317.72.

Similarly,  market capitalisation shed N88.2 billion to be at N11.7 trillion,although the decline was due majorly to losses sustained in Nestle Nigeria Plc,  Guinness Nigeria, Seplat Petroleum Plc led the loser’s chart. Seplat  went down by five per cent to close at N378.10 per share.

The stock has continued to decline despite assurance by the management of the company that  its Nigerian shareholders would receive their dividend in naira. There were speculations that the dividend would be paid in dollars.

However, the General Counsel of Seplat,  Mirian Kachikwu said, “Seplat has a diverse shareholder base and we pay dividends to our diverse shareholders in compliance with applicable Nigerian laws and regulations. For the avoidance of doubt, our final dividend for the full year 2014, following shareholder approval, on June 2, 2015, will be paid in naira, as applicable, to our Nigerian shareholders on June 10, 2015.”

Guinness Nigeria Plc and Livestock Feeds Plc  closed as the second highest price losers with 4.7 per cent apiece. Sterling Bank Plc and Vono Products Plc declined by 4.6 per cent each among others.In all, 27 stocks depreciated compared with 19 others that appreciated.

Cadbury Nigeria Plc led the price gainers with five per cent to close at N42 per share, trailed by  Custodian and Allied Plc with 4.8 per cent. Dangote Flour Mills Plc chalked up 4.7 per cent, while Lafarge Africa Plc went up by 4.5 per cent.

The company ended the year with gross revenues of N94.9 billion, as against N103.2 billion in 2013. It reduced its operating expenses by 29 per cent from N 12.1 billion to N8.6 billion, while other income improved from N3.9 billion to N5.4 billion. Profit after tax settled at N11.6 billion, up from N10.8 billion in 2013.

Sectorally, the NSE Industrial Goods Index was the sole gainer with a 0.29 per cent increase. Conversely, the NSE  Oil/Gas and Consumer Goods Indices went down by 1.64 per cent  and 1.18 per cent respectively while the  NSE Insurance and  the NSE  Banking Indices  depreciated marginally by 0.35 per cent  and 0.17 per cent in that order.

 

[ThisDay]