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Stocks shed N352bn, Cornerstone Insurance, Learn Africa post losses

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Image result for Nigerian stock marketThe Nigerian stock market slid by N352bn on Monday, as equities capitalisation dropped to N12.353bn from N12.705bn recorded on Friday.

A total of 490.164 million shares worth N5.265bn exchanged hands in 5,558 deals. The NSE ASI dropped to 35,844.00 basis points from 36,864.71 basis points.

The equities market commenced the week on a negative note, declining by 2.76 per cent in one session to bring the year-to-date return to 33.39 per cent. The market recorded 24 gainers, while 31 declined.

Dangote Sugar Refinery Plc emerged as the top gainer in the day, advancing by 10.22 per cent to close at N11.97.

Also topping the gainers’ list were Nascon Allied Industries Plc, C& I Leasing Plc, Okomu Oil Palm Plc and Honeywell Flour Mill Plc, which appreciated by 10.15 per cent, 8.70 per cent, 7.55 per cent and 7.32 per cent, respectively.

On the other hand, the Cement Company of Northern Nigeria Plc was the worst performing stock, as the ticker shed -9.65 per cent to close at N8.33.

Dangote Cement Plc, Guaranty Trust Bank Plc, Lafarge Africa Plc, and Zenith Bank Plc followed on the losers’ table, shedding 4.99 per cent, 4.99 per cent, 4.99 per cent, 4.99 per cent and 4.98 per cent, accordingly.

Sector performance as measured by the NSE indices showed that the NSE oil/gas and NSE insurance indices advanced by 0.33 per cent and 1.21 per cent, while the NSE industry, NSE banking and NSE food/beverages indices declined by 4.69 per cent, 3.80 per cent and 0.42 per cent, respectively.

“We attribute the day’s market performance to the losses recorded by some large cap stocks in the day as well as profit taking activities on counters that recorded significant share price appreciations in the market’s recent rally,” analysts at Meristem Securities Limited said in a post.

Meanwhile, Cornerstone Insurance Plc, in its financial report for the half-year ended June 2017, reported group loss before tax of N866.6m as against a profit of N1.14bn posted in the corresponding period of 2016.

Its group net premium income for the period stood at N2.83bn, compared to N2.57bn reported a year ago.

In the same vein, Learn Africa Plc reported a loss of N3182m for the half-year financial period of 2017, compared to a loss of N352.1m posted in the corresponding period of 2016.

Its half-year revenue stood at N265.4m, as against N135.7m posted a year ago.

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