Nigeria’s stock market started the year 2017 on a low note, posting a loss of N88.7 billion on the first trading day of the year.
This is in contrast to the positive momentum recorded in the last trading days of last week that ended the year 2016.
After closing on 0.34 percent higher last Friday, the Nigerian Stock Exchange All Share Index (NSE ASI) posted a decline of 0.96 percent on Tuesday with equity market traders closing the day on a pessimistic note as ASI settled at 26,616.89 points.
Cement Company of Northern Nigeria recorded the biggest loss for the day in percentage terms as it led 18 other declining stocks with a depreciation of 5 percent to close at N4.75 per share. Shares of Eco Transnational International (ETI) and Cadbury were next with a decline of 4.96 percent each to close at N9.77 and N9.78 per share respectively.
Oando followed with a loss of 4.89 percent to close at N4.47 per share while AIICO Insurance closed at 60 kobo per share after depreciating 4.76 percent in the course of the day’s transactions.
The overall value of the market represented by the market capitalization, shrunk by N88.7 billion from N9.246 trillion to N9.158 trillion.
UAC- Property led the day’s gainers with 4.96 percent to close at N2.75 per share, Stanbic followed with a growth of 4.95 percent to close at N15.69 per share, while WAPIC Insurance added 4 percent to close at 52 kobo per share. Fidson Health care added 3.91 percent to close at N1.33 per share while Unity Bank appreciated 3.64 percent to close at 57 kobo per share.
The day’s transactions executed in 2033 deals, showed investors moved 3.4 billion units of shares, worth N3.8 billion.
Top three most traded stocks were Unity Kapital Assurance with 3.072 billion units of shares valued at N2.365 billion. Omoluabi Savings Bank followed with 190 million shares valued at N159.6 million while Guaranty Trust Bank traded 28.6 million shares worth N687.1 million.
Meanwhile, the Nigerian Stock Exchange (NSE) Tuesday announced the entry of Forte Oil to the NSE Islamic Index, displacing Lafarge Wapco.
In the new index composition, Forte Oil replaces Lafarge Wapco in the NSE Lotus Islamic Index
The NSE had earlier released a review of the seven sectoral indices of the Exchange, stating the Lotus Islamic Index was “to be presented”
The Indices are NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Industrial, NSE Oil & Gas, NSE Pension and the NSE Lotus Islamic Indices.
These indices are normally reviewed bi-annually (June and December) except for NSE Pension index that is reviewed once in the year (December). The review process will see the entry of some major companies and the exit of others from the various indices.
The NSE also announced changes to its Insurance Index, as Equity Assurance Plc, Linkage Assurance Plc and Universal Assurance Plc were listed as companies to exit the NSE Insurance Index while incoming companies are Prestige Assurance Plc, Sovereign Trust Insurance Plc and Unity Kapital Assurance Plc
Leaving the category of the NSE Pension Index are Beta Glass Co. Plc, International Breweries Plc and Skye Bank Plc for United Capital Plc, Ecobank Transnational and Dangote Flour Plc as new entrants.