Nigerian Stock Exchange index down 0.45%, as Forte Oil, NCR, MRS lead losers

Nigerian Stock Exchange index down 0.45%, as Forte Oil, NCR, MRS lead losers

The Nigerian Stock Exchange All Share Index dropped by 0.45 percent on Monday from 120.54 points to 26,586.56 points as investors embarked on profit taking across board following gains recorded in recent trading sessions.

Consequently, investors lost N41.5 billion, as market capitalization slid to N9.148 trillion from N9.189 trillion recorded last Friday.

The day’s performance which reversed a seven day consecutive gain was largely driven by decline recorded across all sectoral indices, however the NSE Banking, Oil and Gas Index recorded the biggest decline.

The Banking index decreased 1.05 percent on account of depreciation in ETI, FCMB, Diamond, Wema, Fidelity, FBN, Access and Guaranty Bank, while the Oil and Gas Index also continued to suffer losses from previous sessions as it closed 3.64 percent down on the back of profit taking in Forte Oil, MRS, and Seplat.

Market breadth remained negative from Friday’s session with 16 gainers to 27 losers, Forte Oil led the day’s decliners with a loss of 9.75 percent each to close at N104.91 per share, NCR followed with a drop of 5.12 percent to close at N8.53 per share. MRS declined by 4.99 percent to close at N43.24 per share, Unilever lost 4.98 percent to close at N37.60 per share, while ETI declined 4.90 percent to close at N11.45 per share.

On the other hand, Guinness led the day’s gainers with 9.54 percent to close at N85 per share, Julius Berger followed with a 5 percent growth to close at N36.75 per share while Neimeth Pharamceuticals added 4.55 percent to close at 69 kobo per share.

AG leventis and Dangote Sugar gained 4.23 and 4.10 percent each to close at 74 kobo and N6.35 per share respectively.

Market activity level measured by volume and value traded depreciated by 70 percent and 60 percent each to settle at N262.9 million units and N1.75 billion respectively from N874.33 million units and N4.39 billion recorded in previous session respectively.

Nascon Allied Industries was the most active stock with 73.6 million shares valued at N531.1 million. UBA followed with 58.9 million shares worth N263.5 million while Diamond Bank came third with 32.1 million shares worth N27.7 million.

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Ezeadichie Onyeka Michael is the Co-Founder of Haelsoft, a Professional Services Company in Nigeria that provides Information and Technology Services for small and big size companies in Nigeria(Africa). He is an Entrepreneur and Venture Capitalist with Expertise in Web Technology and Digital Marketing. He has developed & Implemented Digital Marketing Strategies(Campaigns) for top brands across sectors in Finance, Telecommunication, Ecommerce who operate in the African market. His professional experience includes key roles at Google Business Group(Nigeria), Google Women on the Web (Nigeria), Edubridge Consultant and Wild Fusion where he has trained over 500 Entrepreneurs on how to use various Web Technology products to succeed online. Customer centricity, User Experience, Conversion optimization are 3 pronged framework he applies around the often-frenetic world of web analytics to ensure that clients stay competitive in the market. He believes that investing in talent is the key to long term success for brands across Nigeria (Africa).

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