With N23bn loss, equities index dips by 0.17%

Omobayo Azeez

As investors returned to the floor of the Nigerian stock Exchange on Monday to commence the week’s activities, the equities’ index dipped by 0.17 percent to close the day following mixed sentiments by the investors.

The benchmarked index that tracks the flow of share prices in the market, the All-Share Index (ASI) shed 48.41 points, indicating a decrease of 0.17 per cent to close at 27,650.28 points while equities capitalization lost N23 billion to close lower at N13.460 trillion.

Analysis of the day’s market data showed that the negative session was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Presco, UAC of Nigeria (UACN), Nigerian Breweries, Vitafoam Nigeria and Dangote Cement.

Analysts at Afrinvest Limited said: “We maintain our bearish stance for the market, although the current low prices of stocks pose opportunities for bargain hunting.”

Also, analysts in United Capital Plc in their report for this week expected the decision of the Monetary Policy Committee (MPC) to affect investors’ sentiment towards the equity market, in conjunction with the macro-economic issues in the global space.

Similarly, the bears dominated the market as market breadth closed negative, with 18 gaining stocks against 24 others with declining share prices just as the volume of shares transacted dropped by 38.30 per cent with 109.56 million shares valued at N888.17 million that exchanged hands in 3,382 deals.

This was in contrast with a turnover of 177.57 million shares worth N5.92 billion achieved in 3,484 deals on Friday.

Presco led the losers’ chart with a loss of 9.93 per cent to close at N40.35 per share, UACN Property Development Company followed with a decline of 9.86 per cent to close at N1.28 and Vitafoam plunged by 9.79 to close the session at N3.87 per share.

Other losers include NPF Microfinance Bank which lost 9.60 per cent value to close at N1.13 and UACN which followed suit with a loss of 9.49 per cent to close at N7.15 per share.

Conversely, NCR Nigeria and Trans-Nationwide Express recorded the highest price gain of 10 per cent each, to close at N4.95 and 77 per share, respectively.

Eterna followed with a gain 9.09 percent to close at N3 per share; CUTIX improved by 8.97 percent to close at N1.70, while Cornerstone Insurance appreciated by 7.69 percent to close at 42k per share.

Meanwhile, FBN Holdings was the toast of investors, accounting for 20.29 million shares valued at N114.29 million. Transcorp came second with 9.83 million shares worth N10.33 million, while Access Bank accounted for 9.69 million shares valued at N70.26 million.