Trading at the Nigerian stock market yesterday started the week marginally lower, as the market declined by N9 billion.
In summary, the All-Share Index (ASI) dipped by 16.94 absolute points, representing a decline of 0.04 per cent, to close at 39,505.40 points. Similarly, the overall market capitalisation value lost N9 billion to close at N20.583 trillion.
The market negative performance was driven by price depreciation in large and medium capitalised stocks amongst which are; CAP Plc, Lafarge Africa, Zenith Bank, Fidelity Bank and Ecobank Transnational Incorporated (ETI).
Analysts at United Capital Plc said: “this week, we expect the market to rally on the back of incoming earning releases of large-cap banking names. In addition, sustained decline in fixed income yields could trigger favourable sentiment towards the equities market.”
However, the market breadth closed positively, recording 24 gainers as against 15 losers. MRS Oil Nigeria recorded the highest price gain of 9.92 per cent to close at N13.85, per share. May and Baker Nigeria followed with a gain 9.77 per cent to close at N4.83, while Honeywell Flour Mill went up by 9.76 per cent to close at N2.25, per share.
Mutual Benefits Assurance rose by 8.82 per cent to close at 37 kobo, while FTN Cocoa Processors gained 6.82 per cent each to close at 47 kobo, per share.
On the other hand, Associated Bus Company led the losers’ chart by 8.33 per cent to close at 33 kobo, per share. Lasaco Assurance followed with a decline of 6.67 per cent to close at N1.40, while Livestock Feeds down by 4.81 per cent to close at N1.98, per share.
Fidelity Bank lost 4.80 per cent to close at N2.38, while Champion Breweries shed 4.55 per cent to close at N2.10, per share.