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FBNH, NESTLE, others halt Nigerian equity market uptrend

Felix Oloyede

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Nigerian equity market extends downtrend to consecutive third session

Sell pressure on FBNH, NESTLE, and 13 other stocks halted the five consecutive gaining streaks of the Nigerian Exchange on Wednesday.

The NGX All-share index declined 0.06% to 41,790.26 points, market capitalisation lost ₦12.9 million to close at ₦21.8trillion while YTD return remained unchanged at 3.8%.

Market activity weakened as volume and value declined 18.3% and 42.5% respectively to 284.6m units and ₦3.2bn.

The most traded stocks by volume were FBNH (75.5m units), AIICO (18.4m units), and ETI (17.3m units) while FBNH (₦898.0m), NESTLE (₦387.9m), and NGXGROUP (₦248.0m) led by value.

The Oil & Gas and Insurance indices led the gainers, up 1.7% and 1.5% respectively following price uptick in OANDO (+2.0%), TOTAL (+6.0%), AIICO (+9.6%), and SOVRENIN (+4.4%).

Also, buying interest in ZENITH (+0.8%), ACCESS (+0.5%), and WAPCO (+0.8%) buoyed a 0.5% and 0.1% upside in the Banking and Industrial Goods indices respectively.

AIICO (+9.6%), UPL (+9.1%), and REDSTAREX (+6.3%) led gainers while GLAXOSMITH (-10.0%), TRANSCOHOT (-9.9%), and FBNH (-6.0%) led the laggards.

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