Nigerian Stock Exchange index sheds 0.17% as stocks extend losses

The equities segment of the Nigerian Stock Exchange closed lower on Thursday as investor sentiment remained negative, two days after JP Morgan announced that it was phasing Nigeria from its government bond index.

The market capitalisaiton of the listed equities fell by 0.17 per cent or N17bn from N10.128tn to N10.111tn, while the NSE All-Share Index declined by 50.97 basis points from 29,454.09 basis points to 29,403.12 basis points.

This came after investors exchanged 306.095 million shares worth N3.094bn in 4,650 deals with

According to analysts, Thursday’s losses were minimal compared to Wednesday’s due to gains by highly capitalised stocks such as Dangote Cement Plc and Nestle Nigeria Plc.

Nestle Nigeria rose by N18 to close at N820 per share, while Dangote Cement gained N1.94 to close at N165 per share.

Other high cap stocks that appreciated include Guinness Nigeria Plc, which rose by N6.57 to close at N138.05 per share as well as PZ Cussons Nigeria Plc and Lafarge Africa Plc, which gained N1 and 96 kobo to close at N26 and N97 per share, respectively.

However, while 23 stocks recorded price appreciation, 25 others recorded price depreciation.

Cadbury Nigeria Plc was among the losers, shedding N1.45 to close at N23.06 per share. Stanbic IBTC Holdings Plc was down by N1.24 to close at N23.66 per share, while UAC of Nigeria Plc fell by 62 kobo to close at N31.68 per share.

Also among the losers were Ecobank Transnation Incorporated Plc and International Breweries Plc, which declined by 59 kobo and 50 kobo to close at N18.16 and N17 per share, respectively.

Investors in the equities segment of the NSE had recorded heavy losses as stocks plunged on Wednesday, a day after JP Morgan announced the expulsion of Nigeria from its bond index.

A sell-off in the stock market, triggered by the move, had caused the market capitalisation of the listed equities to fall by N311bn or 2.98 per cent from N10.439tn to N10.128tn, while the NSE All-Share Index declined by 904.78 basis points (2.98 per cent) to 29,454.09 basis points.

PUNCH BUSINESS NEWS