Int’l Breweries, Linkage, FO, Suffer Biggest Cuts, As NSEASI Losses 7.5% In July

Trading closed on the Nigerian Stock Exchange (NSE) for the month of July 2019, on Wednesday, with the benchmark All-Share index descending 2,248.41 basis points or 7.50% down from the 29,966.87bps it closed on Friday, 28, the last trading day of June.
The biggest decliners among the sectoral indices were the NSE Consumer Goods, which closed 11.85% lower; while the NSE Mainboard followed with 10.87%; followed by the NSE Oil/Gas index’s 10.8%. The NSE50 lost 10.13%; NSE30, 9.27%; NSE Banking index, 9.19%, same as the NSE Lotus Islamic Index; and 8.99% by the Consumer Goods index. The NSE Pension index lost 8.55%; NSE Insurance, 6.47%; NSE Premium, 4.58%; while the NSE Industrial index lost 1.3%.
International Breweries led the laggards in percentage terms during the month, as its share price fell from N18.30 at the end of June, to N12.50, or 31.69%, as the company’s share price sagged further as its numbers continue to come below investors’ expectation. The situation was confirmed again by the half-year result (READ MORE).
Linkage Assurance followed with 26.76%; Forte Oil lost 26.68%; Ecobank Transnational Incorporated, 25.45%; and Eterna, 24.05%. Also atop the table were Total Nigeria, 23.47%; GSK, 21.57%; Nigerian Breweries, 20.63%; Nigerian Aviation Handling Company, 20.06%; Fidson Healthcare followed with 18.81%; just as Okomu Oil Palm shed 18.75%. Berger Paints lost 18.57% of its opening price for the month; AXA Mansard closed 17.5% down; PZ Cussons, 15.49%; Livestock Feeds, 15.09%; Transnational Corporation of Nigeria, 15.04%; Presco, 13.85%; and Guaranty Trust Bank, 13.68%. Dangote Sugar lost 13.66%; ahead of Courtville Business Solutions, 13.04%, just like Sovereign Trust Insurance; FBN Holdings, 13.98%; and UACN, 12.78%. NASCON Allied dropped 12.67% of its opening price in July; Japaul Ol, 12.50%; and University Press, 12.43%.
Also on the decliners’ table were Chemical & Allied Products, 10%; United Capital, 9.36%; Conoil, 9.01%; followed by Nestle Nigeria, which was the biggest laggard for the month in absolute terms, after losing all of N120 to close at N1,270 in July; followed by Total’s N35.20; while NB closed 13.00 down; ahead of Okomu’s N12.00 per share; just like Mobil Oil.
Dangote Cement, the bourse’s biggest company by market capitalization lost N7.61%; Zenith Bank, 7.58%; Seplat Petroleum, 7.55%; Oando, 7.50%; Mobil, 7.06%; and Cement Company of Northern Nigeria, 6.82%; among others.
The biggest gainer for the month was, however, Academy Press, whose share price moved 48.15% up; ahead of Chi Plc’s 26.92%; NPF Microfinance Bank, 22.86%; BOC Gases, 22.76%; Lafarge Africa rose 20.83% up, propelled by ongoing arrangements to sell its loss-making South Africa subsidiary to LafargeHolcim, its parent company, with its intercompany debt obligation as consideration (READ). This was complemented by the company’s impressive half-year performance score-card that was recently presented to investors (READ MORE).
Lasaco Assurance notched 13.79%; Vitafoam, 11.72%; Cutix, 11.43%; Dangote Flour climbed 10.86% up; Abbey Mortgage Bank, 10%; and Cadbury Nigeria, 8.57%; Flour Mills of Nigeria, 7.5%; AG Leventis, 6.67%; African Prudential, 4.89% and Sterling Bank, 4.55%; among others.