NSE index sheds 1.03% as equities slide worsens

The equities segment of the Nigerian Stock Exchange witnessed a weak bargain on Thursday as equities declined for the fourth straight session.

The NSE All Share Index fell by 422.77 basis points or 1.03 per cent to close at 40,572.25 basis points, its biggest loss in over a week. The index had declined by 0.26 per cent or 108.92 basis points from 41,103.94 basis points to close at 40,995.02 basis points on Wednesday.

In the same vein, the market capitalisation of the listed equities fell by N139bn or 1.03 per cent to close at N13.397tn impacted majorly by losses recorded by Dangote Cement Plc.

The cement producer, which is the most capitalised company on the Exchange, shed 2.12 per cent or N4.65 to close at N215.15 per share.

With the exception of the NSE Consumer Goods Index which rose by 0.3 per cent to close at 1,019.45 basis points and the NSE Alternative Securities Market Index that close flat at 951.09 basis points, all other indicators declined on Thursday.

The result of todays trading is quite appalling; the market losing over one per cent is quite worrisome, the Chief Executive Officer Enterprise Stockbrokers, Mr. Rotimi Fakayejo, said.

The major decliner is Dangote Cement, which lost about N4.65. That translates to about N79bn drop in the market capitalisation.

According to him, although there is currently a lot of apprehension in the market, the position of the market at the end of Thursdays trading had a lot to do with Dangote Cement.

He, however, expressed optimism that the release of the third quarter, 2014 results would help change the market trend.

Investors exchanged 698.841 million shares valued at N6.069bn in 4,833 deals with 18 stocks rising and 35 equities declining.

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NSE index sheds 1.03% as equities slide worsens