MTD loss stands at 8.49 per cent as sell-offs depress stocks further

Stocks equation. image source aspec-consultancy

Stocks equation. image source aspec-consultancy

Equity prices dropped further at the end of the yesterday’s activities, as many corporate earnings released continue to disappoint against the backdrop of growing anxiety over the state of the domestic economy and overall policy direction.

Analysts have observed that the uninspiring results released thus far cut across all sectors and has involved several of the most capitalised companies, which has further stifled any green shoot of recovery for the market.

The ALL Share Index [ASI] declined by 63bps on the day to close at 30,614.81 whilst year-to-date return is 11.66 per cent. The major drivers of yesterday’s performance were Oando (4.42 per cent, ₦12.96), Zenith Bank (2.83 per cent, ₦16.5), GTBank (1.52 per cent, ₦24.6), FBNH (1.31 per cent, ₦7.55), and Guinness (2.05 per cent, ₦138.60).

For corporate earnings, Seplat Plc in its first quarter of 2015 declared revenue of ₦48.53billion (36.22 per cent year on year); Profit After Tax of ₦8.13billion and Shareholders’ funds of ₦274.86billion.

GSK Plc also declared revenue of ₦15.44billion, Profit After Tax of ₦297.37million and Shareholders’ funds of ₦12.53billion.

Livestock Feed Plc declared revenue of ₦4.01billion, Profit After Tax of ₦62.53million and Shareholders’ funds of ₦1.85billion.

Red Star Plc declared revenue of ₦6.66 billion, Profit After Tax of ₦383.64million and Shareholders’ funds of ₦2.06billion.

Market breadth also closed negative as Transexpr led 13 gainers against 29 losers topped by Nem at the end of yesterday’s session- an improved performance when compared with previous outlook.

Market turnover however closed positive as volume moved up by 101.15 per cent against 38.71 per cent uptick recorded in the previous session.
Volume shockers included Becopetrol which led the list of active stocks that recorded impressive volume spike at the end of yesterday’s session.

Meanwile, the NSE has been named the African Regulator of The Year at the sixth African Business Leadership Forum and Awards event, which took place on Saturday in London, United Kingdom.

The Exchange was also presented with a Special Commendation Award by the US Georgia Legislative Black Caucus.

According to the organisers of the award- African Leadership magazine, UK- the award was conferred on the Nigerian Stock Exchange for its effective regulatory policies and programmes implemented across national, regional and international levels, which have encouraged actions beyond compliance with applicable laws.

“We at African Leadership Magazine UK, recognise your efforts in enhancing stakeholder’s engagement, while contributing to the growth of the national and regional brand, through practical impact on the people. Your unflinching passion for creating a reliable, efficient and an adaptable exchange hub in Africa cannot be overemphasized,” the organisers said in a citation on NSE at the event.

Recipients of the award emerged from a survey of over 480,000 readers and fans who were asked to nominate their outstanding business leaders and institutions.

Commenting on the award, the Chief Executive Officer, NSE, Oscar N. Onyema, said: “This award is a strong affirmation of the audacious reforms we have been implementing to create a fair and orderly market that inspires the trust and confidence of domestic and foreign investors.

“The journey has brought about major reviews of our governance, market structure and operations to create a stronger regulatory environment whilst implementing innovations required for delivering a robust, efficient and sustainable capital market.

“We thank the African Leadership magazine for following our success stories; according us this great recognition and my profound gratitude goes to the great team at The Nigerian Stock Exchange, who are making significant contributions to the development of the Nigerian capital market and Africa at

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