Stocks on Nigerian Stocks Exchange extended their losing streak on Thursday following mixed second quarter earnings of companies and anxiety over 2019 general elections.
The NSE All-Share Index shed 67.16 points or 0.19 per cent to stand at 36,232.66 from the 36,299.82 posted on Wednesday.
The News Agency of Nigeria reports that index has fallen by 5.26 per cent year to date so far this year after appreciating by 42 per cent in 2017.
Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., in Lagos, attributed the persistent decline to political risk ahead of election and mixed sector quarter earnings announced by some companies.
Omordion said that second-quarter earnings had been mixed with most commercial banks posting decline in loans growth, while several consumer goods companies recorded lower profits.
Also, the market capitalisation, which opened at N13.249 trillion, shed N21 billion to close at N13.228 trillion.
An analysis of the price movement chart on Thursday showed that 22 stocks posted loses against 12 gainers.
Top on the price laggards’ table was Mobil Oil which lost N10 to close at N170 per share.
FBN Holdings trailed with a loss of 45k to close at N9.50, while Vitafoam was down by 36k to close at N3.24 per share.
PZ industries depreciated by 20k to close at N14.05, while Zenith International Bank lost 15k to close at N23.60 per share.
On the other hand, International Breweries led the price gainers’ table, gaining 50k to close at N31 per share.
Sterling Bank followed with a gain of 13k to close at N1.49, while Ecobank Transnational gained 10k to close at N22.15 per share.
Eterna Oil also appreciated by 10k to close at N6.10, while Stanbic IBTC grew by 10k to close at N50 per share.
UBA was the most at active stock in volume terms, trading 27.22 million shares worth N260.24 million.
Law Union and Rock Insurance followed with 25 million shares valued at N22.50 million, while Zenith International Bank traded 19.92 million shares worth N71.39 million.
Courteville traded 19.69 million shares worth N4.13 million, while Regency Insurance sold 13.13 million shares valued at N3.05 million.
In all, a total of 188.26 million shares valued at N1.29 billion were transacted by investors in 2,795 deals.
This is in contrast to the 114.04 million shares worth N730.08 million traded in 2,610 deals on Wednesday.