Nigerian equities market loses additional N38bn
Author: IHEANYI NWACHUKWU
As bargain appetite for equities remained low, no fewer than N38bn was further eroded from the value of Nigerian equities yesterday.
After trading at the Nigerian Stock Exchange (NSE) yesterday, the Nigerian Stock Exchange – All Share Index (NSE) depreciated by a 0.28 percent or 114.13 points to close at 41,121.12 points from 41,235.25 points recorded the preceding trading day (Tuesday).
Market capitalisation also decreased to N13.578trn from N13.616trn the preceding trading day. At the close of transactions yesterday, 16 equities prices gained while 27 equities prices lost.
Top on the list of losers yesterday include Forte Oil plc which lost N11.56 from its share price; its share price dropped from a high of N232.11 to N220.55.
Forte Oil plc interim consolidated statement of comprehensive income for the half-year (H1) ended June 30, 2014. Forte grew its revenue by 33 percent to N79.606bn, against the corresponding H1’13 period when it stood at N59.960bn.
Forte reported profit before income tax growth of 152 percent to N4.191bn against N1.663bn in H1’2013.
The company’s Profit After Tax rose by 125 percent to N3.134bn from N1.391bn in H1’13. Basic earnings per share rose by 48 percent to N1.91 from N1.29. The company did not propose interim dividend for this review period.
Also, Conoil plc followed on the top losers table after its share price declined by N3.5, from a high of N71.5 to N68 at the close of deals yesterday. Conoil plc statement of comprehensive income for the period ended June 30, 2014 shows that its revenue dropped to N78.507bn in H1’14 against N79.629bn in H1’13.
Conoil plc reported profit before tax decline to N1.488bn against N1.983bn it reported in H1’13; while its profit after income tax for the H1’14 period declined to N1.011bn from a high of N1.599bn. Conoil plc basic earnings per share in the H1’14 period dropped to 146kobo from 230kobo in the corresponding H1’2013.
Dangote Cement plc also joined the league of big losers after its share price declined by N3.5, from N228.5 to N225.
Also, MRS Oil Nigeria plc lost N2.94 from its share price, after moving down from N58.9 to N55.96. Total Nigeria plc share price was also down from N182 to N180.02, losing N1.98.
Volume of equities traded yesterday increased by 117.25 percent, from 178.412 million to 387.602m, while the total value of stock traded increased by 94.16 percent from N2.028bn to N3.937bn in 4,795 deals.
On the gainers’ table, 7-Up Bottling Company plc led the gainers table after its share price rose from N126.78 to N134, adding N7.22. Beta Glass plc followed with a gain of N1.74, from a high of N17.11 to close at N18.85; while GTBank plc followed after its share price rallied from N28.06 to N28.88, adding N0.82. Oando also gained from N25.05 to N25.5, adding N0.45; followed by National Salt Company of Nigeria plc which gained N0.4, from N9.5 to N9.9.