Equity market reverses previous gains, down 1.64%

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The equity market reversed previous gains on the first day of trading after the Christmas holidays as The Nigerian Stock Exchange All Share Index depreciated by 1.64 per cent to close to 37,889.57 points, compared with the appreciation of 0.45 per cent recorded last Friday.

The depreciation recorded in the share prices of Dangote Cement, Access Bank, Nigerian Breweries, Lafarge Africa and UBA were mainly responsible for the loss recorded in the Index.

Market capitalisation depreciated yesterday by 1.64 per cent to close at N13.48 trillion, compared with the appreciation of 0.45 per cent recorded last Friday to close at N13.71 trillion.

The three most actively traded stocks were: Transcorp (107.10mn), Fidelity Bank (94.00mn) and Skye Bank (51.64mn).

Sector Performance was mixed as three of five indices closed in the red.

The Industrial Goods index led the losers chart, plunging 2.6% on account of sell-offs in Dangote Cement (-3.9%), while the Consumer Goods index trailed, closing 1.2 per cent lower, following price depreciation in Nigerian Breweries  (-4.3%).

Similarly, the Banking index lost 0.3% – pressured by ETI (-2.8%) and UBA (-0.8%).

On the flipside, the Insurance index closed 1.0% higher as investors positioned in NEM  Insurance (+4.0%) and MANSARD (+0.5%) while the Oil & Gas index gained 0.5%, solely on account of MOBIL (+4.9%).

Investor sentiment weakened as indicated by market breadth which retreated to 0.6x (from 4.0x recorded the previous Friday) as 14 stocks gained while 23 declined. CADBURY (+9.9%), MOBIL (+4.9%) and FIDELITY (+4.6%) topped the gainers chart while OKOMU (-5.0%), PRESCO (-4.9%) and Nigerian Breweries (-4.3) led losers.

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