Equities Market Extends Sell-Offs, Down 0.39% | Independent Newspapers Limited
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Equities Market Extends Sell-Offs, Down 0.39%

Posted: Jul 14, 2015 at 12:15 am   /   by   /   comments (0)

By Bamidele Ogunwusi,  Lagos


The Nigeria equities space on Monday sustained the bearish momentum witnessed for the past nine trading days on the back of macro-economic headwinds and Forex volatility. Equities slid further south when key market indicators, the All-Share Index and Market Capitalisation, declined by 0.33 per cent each.

Market was dragged lower by sell-offs in Flour Mills which went down by 5 per cent, Oando which slipped by 4.9 per cent, Access which dropped 1.8 per cent, Nigerian Breweries which lost 1.6 per cent, FBN Holdings which slipped by 1.3 per cent and Nestle Nigeria which shed 0.4 per cent.

The All Share Index went down by 106.06 basis points or 0.39 percent to close at 31,628.20 points as against 31,729.26 points recorded at the weekend even as market capitalisation shed N34.512 billion to close at N10.801 trillion compared with N10.835 trillion recorded on Friday.

At the close of trading on Monday, a total of 264.356 million shares worth N5.466 billion changed hands in 3,048 transactions with the financial services sector accounting for a total of 203.344 million shares valued at N3.162 billion in 1,691 deals.

Leading the losers’ table was food products-diversified major player, Nestle Nigeria, which dropped N10.00 to close at N840.00 per share, followed by breweries’ major, Nigerian Breweries which  shed 221 kobo to close at N134.30 per share, Flour Mills of Nigeria lost 161 kobo to close at N30.69 per share, Mobil Nigeria depreciated by 100 kobo to close at N147.00 while Oando lost 72 kobo to close  at N13.96 per share, among others.

On the flip side, Seplat Petroleum Company of Nigeria led 10 others on the gainers’ table with a gain of 489 kobo to close at N335.00 per share, followed by 7UP Bottling Company which notched up 275 kobo to close at N189.00 per share, building materials’ Dangote Cement nicked 170 kobo to closed at N170.00 per share, UAC of Nigeria added 129 kobo to closed at N41.30 per share, while Caverton Group appreciated by 13 kobo to close at N3.55 per share, among others.