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Blue Chips Further Drag NSE Index Down

Olalade Julianah

Trading on the floor of The Nigerian Stock Exchange (NSE) on Tuesday slipped deeper into the red as shares of highly capitalised Dangote Cement closed downbeat.

Investment activity and level received a boost, mainly due to transactions on banking giant, Guaranty Trust Bank which accounted for 51 percent of total Naira votes.

The All Share Index went down by 9.36 basis points or 0.03 percent to close at 24,639.48 points as against 24,648.84 points recorded on Monday, while Market Capitalisation went down by N3.221 billion to close at N8.475 trillion from N8.478 trillion recorded in the last trading day.

Zenith Bank led the gainers’ table on Tuesday when it appreciated by 40 kobo to close at N10.90 per share; followed by indigenous maker of salt and tomato paste, NASCON Allied Industries which gained 36 kobo to close at N8.01 per share, the shares of electronic payments solutions provider, Etranzact, climbed by 35 kobo to close at N3.90 per share, Guaranty Trust Bank nicked 21 kobo to close at N14.21 per share, Oando appreciated by 20 kobo to close at N4.26 per share, among others.

On the flip side, Flour Mills led the laggards’ table when it went down by 114 kobo to close at N20.29 per share, followed by Dangote Cement which lost 90 kobo to close at N160.00 per share, Union Bank depreciated by 25 kobo to close at N4.81 per share, Custodian and Allied Insurance dropped 20 kobo like Fidson Healthcare to close at N3.95 per share and N1.92 per share, respectively, among others.

Wema Bank emerged the most traded equity with an exchange of 6.669 billion shares worth N6.002 billion. It was trailed by Equity Assurance; having accounted for 59.591 million shares valued 29.795 million, while First City Monument Bank sold 39.385 million shares worth N36.801 million, Guaranty Trust Bank exchanged 34.109 million shares valued N479.838 million while Law Uinon traded 27.162 million shares worth N19.013 million.

Nigerian Interbank Offered Rates soared for all maturities on tight financial system liquidity ahead of tomorrow’s N110 billion Federal Government bond auctions. NIBOR for one month, three months, six months and twelve months tenors rose to 5.98 percent, 8.82 percent, 10.66 percent and 12.52 percent respectively.

Meanwhile, true yields on interbank treasury bills rose across the board following sell pressure – yields on the one month, three months, six months and twelve months tenured bills rose to 4.15 percent, 6.58 percent, 8.97 percent and 10.76 percent respectively.

The over the counter (OTC) FGN bond prices depreciated for all maturities – the 20-year, 10.00 percent FGN July 2030 paper, 10-year, 16.39 percent FGN January 2022 paper and 7-year, 16.00 percent FGN June 2019 bond shed N1.16 (yield rose to 12.48 percent), N0.98 (yield increased to 11.56 percent) and N1.14 (yield climbed to 10.90 percent) respectively. At the London Stock Exchange, Nigerian Eurobonds appreciated for all maturities amid rising crude oil prices – the 10-year, 6.75 percent January 28, 2021 paper gained USD0.43 (yield fell to 7.30% percent).