The Nigerian stock market yesterday commenced the trading week on a bearish note as losses in Nestle Nigeria Plc and 23 others dragged the overall capitalization lower by N22 billion.
The All-Share Index (ASI) lost 33.72 points, representing a loss of 0.03 per cent to close at 104,529.62 points. Also, market capitalisation shed N22 billion to close at N65.685 trillion.
The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Nestle Nigeria, Fidelity Bank, Oando, United Bank for Africa (UBA) and Africa Prudential.
Looking forward, United Capital Plc said, “the equities market might remain dovish due to elevated interest rate environment in the fixed-income market, we still expect bearish sentiments to linger in the background.
“The upcoming Monetary Policy Committee (MPC) decision in May has led some investors to adopt a wait-and-see attitude towards the equities market. Concurrently, retail investors are engaging in profit-booking, resulting in selloffs that impede the consistent upward movement of stock prices.”
However, investor sentiment, as measured by market breadth, closed positive as 28 stocks advanced, while 24 declined. Abbey Mortgage Bank emerged the highest price gainer of 9.95 per cent to close at N6.74, per share. UPDC followed with a gain of 9.82 per cent to close at N3.13, while Guinea Insurance rose by 9.52 per cent to close at 69 kobo, per share.
VFD Group increased by 9.46 per cent to close at N96.00, while Sovereign Trust Insurance advanced by 9.41 per cent to close at 93 kobo, per share.
On the other side, International Energy Insurance led others on the losers’ chart with 9.76 per cent to close at N1.48, per share. Consolidated Hallmark Holdings followed with a decline of 8.33 per cent to close at N2.75, while Japaul Gold & Ventures shed 7.46 per cent to close at N1.86, per share.
Chams Holding Company lost 6.98 per cent to close at N2.00, while NEIMETH International Pharmaceuticals depreciated by 6.94 per cent to close at N2.68, per share.
Also, the total volume traded rose by 12.69 per cent to 428.163 million units, valued at N10.518 billion, and exchanged in 14,583 deals. Transactions in the shares of Access Holdings led the activity with 55.988 million shares worth N1.145 million. Zenith Bank followed with 55.428 million shares valued at N2.760 billion, while Fidelity Bank traded 39.000 million shares valued at N725.873 million.
UBA traded 33.192 million shares worth N1.041 billion, while Guaranty Trust Holding Company (GTCO) traded 31.024 million shares worth N2.116 billion.
