Investors lose N80bn to profit-taking in Nigerian Breweries, Forte Oil, 22 others

The Nigerian Stock Exchange (NSE) equities market segment began the week on a negative note, as market capitalisation deprecated by N80 billion. It dropped by 0.8 per cent from N9.57 trillion it opened today to close at N9.49 trillion.

Similarly, the NSE All Share Index (NSE ASI) declined by 0.81per cent, to settle the Year-to-Date return at 3.52 per cent, at the close of today’s trade.

The NSE ASI closed today at 27,634.99 basis points from 27,861.03 basis points it opened while the value of shares traded dropped significantly 49 per cent    to N778 million.

The session’s performance was largely driven by the sell-off in Nigeria Breweries, Forte Oil, Zenith Bank and ETI which offset the gain in Wema Bank.

Major market indices closed in negative led by the decline in the NSE Oil & Gas sector 2.08 per cent.

NSE Consumer Goods and NSE Banking shed 1.55 per cent and 0.94 per cent respectively, the NSE Industrial sector decreased by 0.10 per cent.

While total value was down, total volume increased by 16 per cent to 256 million units of shares with Law Union (4.11 per cent) accounting for 39 per cent of total volume.

This said, NB led the market in terms of total value with over 790 thousands units of shares worth N116 million.

Market breadth index fell into the negative territory in today’s session given that just seven shares gained against 24 shares that declined. Nahco was the market’s worst performer after dropping by 7.58 per cent from N3.30 to N3.05, followed by Forte Oil that fell by five per cent from N145.12 to  N137.87 while Cadbury Nigeria Plc dropped by 4.98 per cent to N14.89 from opening price of N15.67.

Other price losers include Glaxosmith and Etranzact that depreciated by 4.95 per cent and 4.86 per cent to close today at N17.48 and N4.89 respectively.

Wema Bank gained 6.45 per cent to lead seven other on the gainers’ chart. The lender share appreciated by N0.04 to N0.66 from N0.62 it opened.

Wapic Insurance rose by four per cent from N0.50 to N0.52 while FCMB gained 2.70 per cent to close at N1.14 from N1.11. Skye Bank Plc also appreciated by 1.61 per cent to N0.63 and Afriprud gained 1.49 per cent from N2.68 to N2.72.

Analysts said the equities market’s direction to be influenced by third quarter corporate earnings, and outlook for equities remains dim given the weak economic environment.