Stocks sustain downtrend, shed N9bn to open week

By Omobayo Azeez

The Nigerian equities market commenced weekly trading on a negative note on Monday as investors lost N9 billion on their investment despite improved turnover for the session.

As the market failed to pull out of the red territory, equities benchmark index shrank by 18.01 points or -10.07 per cent to close at 24,269.58 basis points while aggregate market valuation followed suit to close lower at N12.661 trillion.

The day’s loss followed massive negative sentiment expressed by investors on the shares of ACCESS, Zenith Bank and PRESCO that depreciated in price by -1.6 per cent -0.6 per cent and -4.0 per cent respectively. Accordingly, Month-to-Date (MtD) and Year-to-Date (YtD) losses of the market

increased to -0.9 per cent and -9.6 per cent in that order.

Across sectors, the Insurance (+0.4 per cent) and Oil & Gas (+0.3 per cent) indices gained, while the banking and industrial good indices slipped by -0.5 per cent and -0.01 per cent. The consumer goods index traded flat.

The total volume of trade increased by 90.1 per cent to 305.10 million units, valued at N2.10 billion and exchanged in 3,258 deals, while market closed negative with emergence of 12 gainers against 13 decliners, and 13 other stock to closed on unchanged prices.

Trading statistics obtained from the Nigerian Stock Exchange (NSE) showed that in the bull camp, ARDoVa led by gaining N0.9 to close at N13.45 per share, trailed by Glaxosmithkline that shed N0.45 to close at N5.20 per share.

Other gainers for the day are FIDSON, Unity Bank and Fidelity Bank, gaining N0.25, N0.25 and N0.03 to close at N2.90, N0.49 and N1.79 per share respectively.

On the flip side, CUTIX declined by N0.18 to close the session at N1.64 per share while NEIMETH followed with a loss of N0.15 to close at N1.35 per share.

In addition a loss of N0.10 loss was recorded each by ETI, Access Bank and Zenith B ank Plc to close at N4.25, N6.10 and N15.65 per share respectively.

In terms of turnover, GUARANTEE had the traded the highest value for the session with 26.972 million shares valued at N795.132 in 255 transactions. UBA traded 70.709 million shared worth N441.888 million in 157 deals while Nigerian Breweries recorded 7.692 million traded shares valued at N230.912 million in  52 transactions.

SOVREININS was the most active stock in the session as it traded highest volume of 75.564 million shares valued at N15.113 million in two trades while UBA and Nigerian breweries occupied second and third places respectively.