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Int’l Breweries, Fidelity Bank, others pull Nigerian equity market marginally down

Felix Oloyede

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Nigerian equity market extends downtrend to consecutive third session

The Nigerian Exchange declined further on the back of sell-pressure on INTBREW, FIDELITY and DANGSUGAR, causing the benchmark index to dip 0.01% to 43,255.14 points.

The market capitalization, however, gained ₦596.4million to ₦22.6trillion as the year-to-date return remained unchanged at 7.4%.

Trading activity abated as the volume and value traded declined 49.7% and 37.6% respectively to 218m units and ₦2.9bn. GTCO (36.2m units), FBNH (31.5m units), and ZENITH (13.4m units) led the volume chart while GTCO (₦919.6m), FBNH (₦387.3m), and ZENITH (₦327.2m) led by value.

The Insurance index led the laggards, down 2.0% on sell-offs in MANSARD (-5.1%) and MBENEFIT (-3.8%). In the same vein, the Oil & Gas and Consumer Goods indices shed 20bps and 1bp respectively due to price decline in OANDO (-1.0%), INTBREW (-2.7%), and DANGSUGAR (-1.2%). However, the Banking index was the lone gainer, up 0.2% following buying interest in ACCESS (+1.7%) and UBN (+1.0%).

HONYFLOUR (+9.9%), UPL (+8.7%), and CHIPLC (+7.4%) led gainers while UPDC (-9.4%), NEM (-9.3%), and MANSARD (-5.1%) led decliners.

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