Thursday, the Nigerian Stock Exchange All Share Index, NSEASI, declined by 0.62% to settle the Year-to-date return at -2.75%. However, volume and value of transactions advanced by 144.73% and 27.96% respectively. Also, there were eleven (11) gainers against twenty-nine (29) decliners, indicating a market breadth of 0.38x.
Diamondbank led the gainers’ chart, after appreciating by 4.39% to close at NGN1.19. The ticker was followed by Nahco (4.10%), Dangsugar (+2.85%), Champion (+2.75%) and LIVESTOCK (+2.33%). Conversely, ETRANZACT (-9.37%) depreciated the most, to close at NGN5.14. BOCGAS (-4.86%), FO (-4.82%), PHARMDEKO (-4.81%), and GUARANTY (-4.75%) also featured on the laggards list.
Forte Oil Plc. (FO) released its Q3:2016 result, which showed growths in Revenue, Gross Profit and Profit-Before-Tax of 32.16%, 19.83% and 6.53% YoY respectively. However, due to significant uptick in Finance costs (+663.15% YoY) and Income tax (+182.65%), Profit-After-Tax declined by 34.72% YoY to NGN2.80bn at the end of the period.
Market performance, as measured by NSE-Sector indices showed that all sectors declined at the end of today’s trading session. NSEBNK10, NSEOILG5, NSEIND, NSEFBT10 and NSEINS10 pared by 1.71%, 1.31%, 0.93%, 0.35% and 0.34% respectively.
Analysts opine that the dampened mood in the market Thursday was due to negative news on the banking sector, as the Apex Bank suspends 19 banks from selling forex to BDCs. They expect this sentiment to linger on the last trading day of the week.