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    Home » Investors lose N4.9bn as oil, gas stocks drag Index lower

    Investors lose N4.9bn as oil, gas stocks drag Index lower

    September 28, 2016
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    Nigerian Stock-Market-NSE-696x522
    Nigerian Stock Market

    29 September 2016, Lagos  Investors in the Nigerian stock market, yesterday, lost N4.9 billion as sustained profit taking in oil and gas stocks drag down the Nigerian Stock Exchange, NSE All share index by five bases points, bps.

    Specifically, the stock market defied the two consecutive days of gains  on the NSE as the All share index  marginally trimmed 5bps to close at 28,248.86 points. Consequently, market capitalisation declined by N4.9billion to close at N9.703 trillion from N9.708 trillion.

    Market activity was however mixed as volume traded rose 18.1 per cent to settle at 294.9million units, while value traded declined 27.9per cent to close at  N1.4billion. In turn, total deals transacted decreased to 3,142 from the previous 3,170 deals recorded on Monday.

    Meanwhile, market operators  have stated that there are likely going to be mixed performance in the remaining  trading  days of  the week.

    Performance across  sub sectors was broadly positive but for the Oil & Gas index which emerged the sole decliner of all sector indices, down 0.9 per cent  as further profit-taking in  Conoil led  to loss of 7.7 per cent and  Oando with a loss of 4.8 per cent.

    The Insurance index gained 0.4 per cent  on the back of price appreciation in  Law Union with a gain of 7.0 per cent, followed by  Continental Insurance with a gain 3.1 per cent.

    The Consumer Goods index followed suit, up by 0.3 per cent  due to bargain-hunting in Guinness Nigeria Plc which appreciated by 5.0 per cent  and  Flour Mills  4.6 per cent.   Similarly, the Banking index rebounded from a 3-day losing streak to gain 0.1 per cent on account of  Wema Bank ‘s gains of 4.5 per cent and  Zenith Bank 0.9 per cent.

    The Industrial Goods index closed flat. Meanwhile, investor sentiment improved  yesterday as market breadth settled at 0.9 times  from 0.7 times on  Monday after 18 stocks advanced against 20 declining stocks. The best performing stocks yesterday were UAC- Property  rising by 10.0 per cent  followed by Law Union 7.0 per cent and  Guinness  5.0 per cent while  Ashaka Cement  declined by 9.7 per cent. Presco dropped by 8.9 per cent and  Caverton dropped by 8.4 per cent declined the most.

    According to Afrinvest Research, “Yesterday’s weak performance of the benchmark index despite improvement in sentiment can be attributed to profit taking in Oil & Gas counters which offset the impact of portfolio managers positioning in other sectors ahead of month-end portfolio rebalancing. Yet, market performance continues to fluctuate in margins and is expected to remain soft in the short term in the absence of any major trigger.”

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