Photo L-B: Haruna Jalo-Waziri, Executive Director, Capital Markets Division, NSE; Mrs Yetunde Odejayi, Permanent Secretary, Office of the Deputy Governor, Lagos State; Nike Akande, Chairman, Lagos Chambers of Commerce and Industry; Oscar Onyema, CEO, NSE; Muneer Bankole, Managing Director/CEO, Medview Airline Plc; Honourable Minister of State for Aviation, Senator Hadi Sirika; Abdul Moshen Rahman Al-Thunayan, Chairman, Medview Airline Plc and Faosat Bankole at Facts Behind the Listing of Medview Airline Plc.
The Nigerian bourse closed in the red on Wednesday for the third consecutive trading session as persistent sell offs in market bellwethers dragged the benchmark index 0.5% southwards to 25,903.55pts, worsening YTD loss to –3.6%.
Price depreciation in NESTLE (-3.7%), NIGERIAN BREWERIES (-3.5%) and ZENITH (-2.0%) were the major drags to performance. Accordingly, market capitalisation reduced by N45.7bn to N8.9tn despite new listing of Med-View Airline Plc (MEDVIEW) which added N14.6bn to market capitalization. A total of 9.8bn ordinary shares of MEDVIEW were listed by introduction at N1.50/share. The Airline conveys an estimated 3m passengers and 46m tons of cargo to 14 domestic and international destinations (including London-UK, Jeddah-Saudi Arabia and Accra- Ghana) annually. Activity level was mixed as volume traded grew 48.2% to 305.0m units while value traded declined 43.1% to N1.6bn respectively.
Industrial Goods Index emerges Lone Gainer
For the second consecutive trading session, the Industrial Goods index was the lone gainer, up 4.1% on account of price appreciation in WAPCO (+8.3%). On the other hand, the Consumer Goods index declined the most for the second trading session, losing 3.2%as investors sold off on NESTLE (-3.7%) and NIGERIAN BREWERIES (-3.5%) while the Oil & Gas index slid 2.3%. The Banking and Insurance indices depreciated 0.5% apiece on the back of losses in ZENITH (-2.0%) and CONTINSURE (-4.5%).
Frail Sentiment Persists
Investor sentiment was soft as market breadth eased to 0.3x (from 0.7x yesterday) on account of 9 advancing stocks relative to 27 decliners. The best performing stocks were WAPCO (+8.3%), CAVERTON (+4.0%) and ACCESS (+3.0%) while FORTE (-5.0%), GUINNESS (-5.0%) and UNILEVER (-5.0%) were the worst performing stocks. Market performance remained tepid despite MEDVIEW’s listing today due to lacklustre expectation about corporate scorecards which is anchored on current macroeconomic realities.