The Nigerian stock market yesterday paused recent rally losing about N163bn as investors took profits following recent gains witnessed in most equities. Worse hit stocks in the profit-taking activity at the Nigerian Stock Exchange (NSE) yesterday include Forte Oil plc, Nigerian Breweries plc, Conoil plc, Stanbic IBTC Holdings plc, and Guaranty Trust Bank plc.
The NSE All Share Index (ASI) closed south- wards after shedding 486.11 points or 1.55 percent, from 31,355.28 points to 30,869.17 points; while the value of listed equities declined to N10.300trn from N10.463trn the preceding trading day. Nine stocks gained yesterday against 30 stocks that lost their values. Brent crude rose towards $57 a barrel on Wednesday, paring some of the previous session’s sharp losses, after data showed U.S. crude stocks fell for the first time in two months. Brent for April delivery hit a one-month low of $55.92 a barrel before recovering to trade up 62 cents at $57.01 a barrel by 1248 GMT. It dropped $2.14, or 3.66 percent, in the previous session.
Analysts say traders were also watching supply risks in Libya, where two eastern oil fields have been shut following an attack by Islamist militants. At the NSE, Forte Oil plc led the losers table after its share price declined by N10.14, from N203 to N192.86; while Nigerian Breweries plc dropped by N7.04, from N147.1 to N140.06. Conoil plc lost N1.5, from N35.5 to N34; Stanbic IBTC dipped from a high of N28 to N26.65, down by N1.35; while GTBank plc lost N1.27, from N25.5 to N24.23. Meanwhile, Ashaka Cement plc rallied most after its share price rose from N17.9 to N18.79, adding N0.89. Ecobank Transnational Incorporated recorded price gain of N0.47, from N17.83 to N18.3; Cement Company of Northern Nigeria plc rose by N0.3, from N11.5 to N11.8; Mobil Oil Nigeria plc gained N0.2, from N150 to N150.2; while Custodian and Allied Insurance plc rallied from N3.8 to N3.98, adding N0.18. UBA Capital plc, International Energy Insurance Company plc, Transnational Corporation of Nigeria plc, United Bank for Africa plc, and Guaranty Trust Bank plc were the actively traded stocks at the NSE yesterday.
Equity dealers exchanged 64,336,302 units of UBA Capital plc valued at N110.381m; 51,843,882 units of International Energy Insurance Company plc valued at N25.923m; 49,372,309 units of Transnational Corporation of Nigeria plc valued at N147.951m; 46,380,256 units of United Bank for Africa plc valued at N198.092m; and 42,504,243 units of GTBank plc valued at N1.078bn.
