Nestle Nigeria, others halt positive performance of stock market, down by 2.50%

By Philemon Adedeji

Equities market on the Nigerian Exchange Limited (NGX) closed bearish  yesterday  ending its five-day winning streak amid selloffs in index heavyweight, Dangote Cement (-9.62 per cent) alongside Nestle Nigeria (-1.34 per cent) and Access Corporation (-4.16 per cent) underpinned the market’s weak performance despite the recovery in Zenith  Bank (+0.73 per cent) and Guaranty Trust Holding Company (GTCO)(+0.28 per cent).

The NGX  All-Share Index (ASI) declined by  1,622.36 basis points to represent 2.47 per cent to close at 64,046.93 index points from 64,669.29 index points it closed trade.

Consequently, the year-to-date (YTD) return fell to 24.97 per cent, while market capitalisation lost N883.39 billion to close at N34.874 trillion from N35.757 trillion it closed for previous trading day.

The breakdown of yesterday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 34.87 per cent.

United Bank of Africa (UBA)(-0.70 per cent) led the volume and value charts with 177.79 million units traded in deals worth N2.44 billion.

The trade volume decreased by 37.7 per cent to close at 1,163,228,654 million units valued at N12.694 billion were exchange in 13,878 deals.

On the performance board, Deapcap and Courtville Business Solution took the lead of gainers yesterday with 10.00 each to close at N0.33, N0.88 per share respectively.

Goldbrew which recorded as the last third gainer appreciated by 9.88 per cent to close at N2.67 per share.

Tip which recorded as the last fourth rose by 9.80 per cent increased to close at N0.56 per share, while Morison which recorded as the last fifth gainer grew by 9.79 per cent to close at N2.58 per share.

However, on the laggards table, Tantalizer, First Bank Holdings, Academy Press, Transnational Corporation, Veritas Kapital emerged as the most price losers which shed 10.00 per cent. Each decreased to close at N0.27, N19.35, N2.25, N4.23, N0.36 per share respectively.

Transaction in the shares of United Bank for Africa topped the activities chart with 177.793 million shares valued at N2.443 billion, Japaulgold that followed transacted 110.025 million shares valued N147.742 million, while Transnational Corporation accounted 87.094 million shares worth N380.713 million.

First City Monument Bank traded 86.473 million shares worth N577.934 million, while Access Corporation sold 65.445 million shares value at N1.124 billion.