Investors Lose N275bn As Equities Open New Week On Bearish Note

The Nigerian stock market yesterday commenced the trading week on a bearish note as losses in Lafarge Africa Plc and 33 others dragged the overall capitalization lower by N275 billion.

The All-Share Index (ASI) shed 428.63 points, representing a decline of 0.21 per cent to close at 200,484.43 points. Also, market capitalisation depreciated by N275 billion to close at N128.694 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Lafarge Africa, May & Baker Nigeria, Zenith Bank, Dangote Sugar Refinery and Guaranty Trust Holding Company (GTCO).

On market outlook for this week, United Capital Plc stated that “the Nigerian equity market may maintain its bullish momentum. However, some moderation is likely as investors consolidate positions, although the broader uptrend remains supported by improved earnings visibility and macro conditions.

“Overall, the structural bull run remains intact, supported by improving macro visibility, but investors should remain alert to global risk-off sentiment and potential profit-taking as valuations stretch.”

Also, investor sentiment, as measured by market breadth closed negative as 26 stocks advanced, while 34 declined. Austin Laz & Company emerged the highest price gainer of 9.98 per cent to close at N4.41, per share. Zichis Agro Allied Industries followed with a gain of 9.93 per cent to close at N15.16, while Trans-Nationwide Express rose by 9.65 per cent to close at N2.84, per share.

The Initiates Plc (TIP) increased by 9.60 per cent to close at N21.70, while Learn Africa advanced by 9.41 per cent to close at N9.30, per share.

On the other side, Secure Electronic Technology led others on the losers’ chart with 10 per cent to close at N1.17, per share. May & Baker Nigeria followed with a decline of 9.42 per cent to close at N38.00, while Legend Internet shed 8.67 per cent to close at N6.85, per share.

Cutix lost 8.29 per cent to close at N3.21, while Fortis Global Insurance depreciated by 7.97 per cent to close at N1.27, per share.

The total volume traded declined slightly by 0.32 per cent to 593.10 million units, valued at N25.62 billion, and exchanged in 60,102 deals. Transactions in the shares of Access Holdings led the activity with 86.643 million shares worth N2.251 million. First HoldCo followed with account of 84.557 million shares valued at N4.257 billion, while Secure Electronic Technology traded 31.123 million shares valued at N37.356 million.

Fidelity Bank traded 26.730 million shares worth N512.404 million, while Zenith Bank traded 26.127 million shares worth N2.633 billion.