Stocks Slide As Market Open Week With N81bn Loss

Investors on the Nigerian stock market started the week on the back foot, with market capitalisation shedding N81 billion during the soft opening session.

The All-Share Index declined by 126.09 per cent, representing a loss of 0.05 per cent, to close at 250,204.83 points. Similarly, the overall market capitalisation value shed N81 billion to close at N160.363 trillion.

The market’s negative performance was driven by price depreciation in large and medium capitalised stocks which are; NCR Nigeria, UACN, Berger Paints Nigeria, Industrial & Medical Gases Nigeria (IMG) and Zichis Agro Allied Industry.

On market outlook, Cowry Assets Management Plc said, the market is expected to rebound as investors look to buy the dip and reposition their portfolios, underpinned by the broadly positive sentiment currently surrounding the Nigerian equities market.

Market breadth was negative as 36 decliners outpaced 32 advancers. Sectoral performance was m Oando and University Press recorded the highest price gain of 10 per cent each to close at N51.70 and N5.50 respectively, per share, while DEAP Capital Management & Trust followed with a gain of 9.96 per cent to close at N5.42, per share.

May & Baker Nigeria appreciated by 9.94 per cent to close at N52.00, while Trans-Nationwide Express rose by 9.92 per cent to close at N7.76, per share.

On the other hand, NCR Nigeria and Zichis Agro Allied Industry led the losers’ chart by 10 per cent each to close at N161.20 and N26.49 respectively, while IMG followed with a decline of 9.93 per cent to close at N38.10, per share.

Sovereign Trust Insurance depreciation by 9.86 per cent to close N2.65, while Daar Communications lost 9.78 per cent to close at N2.03, per share.

The total volume traded dipped by 26.16 per cent to 800.463 million units, valued at N37.045 billion, and exchanged in 87,096 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 64.974 million shares valued at N2.840 billion. Fidelity Bank followed with 57.291 million shares worth N1.319 billion, while Access Holdings traded 42.261 million shares valued at N1.089 billion.

Daar Communications traded 36.706 million shares valued at N81.764 million, while Secure Electronic Technology transacted 36.603 million shares worth N32.973 million.