Stock Market Ends June Trading With N11bn Decline

The Nigerian stock market, yesterday, ended the last trading day for the month of June on a negative note, with a loss of N11 billion on price decline in Julius Berger Nigeria Plc and 30 others.

The All Share Index (ASI) lost 17.19 points, representing a decline of 0.01 per cent to close at 119,978.57 points. Also, market capitalisation lost N11 billion to close at N 75.951 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Julius Berger, Lafarge Africa, Stanbic IBTC Holdings, Oando and Guaranty Trust Holding Company (GTCO).

On market outlook, analysts at Coronation Merchant Bank said: “with the ASI reaching a new all-time high last week and easing in the last two trading sessions, we expect short-term profit-taking in recent gainers this week.

“In the near term, we anticipate a shift in market positioning toward historically high dividend yielding stocks ahead of the half-year earnings season, while

macroeconomic developments will continue to shape overall sentiment.”

Despite the marginal decline, market sentiment remained slightly positive, as reflected by a narrowly negative market breadth, with 32 stocks advancing against 31 decliners. CWG recorded the highest price gain of 10 per cent to close at N12.65, per share. Caverton Offshore Support Group followed with a gain of 9.96 per cent to close at N5.74, while NEIMETH International Pharmaceuticals up by 9.93 per cent to close at N6.53, per share.

FTN Cocoa processors rose by 9.91 per cent to close at N3.66, while Meyer appreciated by 9.84 per cent to close at N10.05, per share. On the other hand, Learn Africa led the losers’ chart by 10 per cent to close at N4.59, per share. Julius Berger followed with a decline of 9.97 per cent to close at N112.00, while C&I Leasing declined by 9.90 per cent to close at N4.64, per share.

Thomas Wyatt Nigeria depreciated by 9.62 per cent to close at N1.88, while Daar Communications declined by 8.20 per cent to close at 56 kobo, per share.

The total volume traded rose 224.69 per cent to 2.032 billion units, valued at N44.337 billion, and exchanged in 25,172 deals. Transactions in the shares of Royal Exchange topped the activity chart with 502.264 million shares valued at N502.450 million. Oando followed with 371.073 million shares worth N19.871 billion, while Access Holdings traded 328.381 million shares valued at N7.227 billion.

UACN traded 128.778 million shares valued at N4.445 billion, while LivingTrust Mortgage Bank sold 112.190 million shares worth N539.656 million.