Stocks Extend Losses As Week Opens On 10th Straight Decline

The Nigerian equity market on Monday opened the fourth week of August on a negative note, extending the streak of negative performance to the tenth day in a row.

The All-Share Index (ASI) lost 265.99 points, representing a decline of 0.11 per cent to close at 239,085.17 points. Also, market capitalisation declined by N137 billion to close at N154.397 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; First Holdco, Fidelity Bank, Ikeja Hotel, The Initiates Plc (TIP) and Neimeth International Pharmaceuticals.

On market outlook for the week, United Capital Plc stated that “the Nigerian equities market should remain fairly stable this week, despite recent profit-taking following the strong gains recorded earlier in the year.

“The NGX All-Share Index remains up strongly year-to-date, keeping investor interest supported despite the recent pullback. We expect investors to focus on companies with strong earnings, attractive valuations and good dividend prospects. However, some investors may continue taking profits, which could limit overall market gains and keep trading relatively cautious.

“Stable naira conditions and improved investor confidence could provide further support, while upcoming corporate results may influence stock-specific performance.”

Investor sentiment was negative, as 32 decliners outpaced 18 advancers. Red Star Express emerged the highest price gainer of 9.86 per cent to close at N16.15, per share. University Press followed with a gain of 9.38 per cent to close at N5.25, while UPDC rose by 5.97 per cent to close at N3.55, per share.

Haldane McCall increased by 3.90 per cent to close at N4.00, while Sunu Assurance up by 3.33 per cent to close at N3.10, per share.

On the other side, International Energy Insurance led the losers’ chart with 9.82 per cent to close at N3.49, per share. Neimeth International Pharmaceuticals followed with a decline of 9.38 per cent to close at N7.25, while Fidelity Bank lost 6.00 per cent to close at N18.80, per share.

Guinea Insurance depreciated by 5.19 per cent to close at 73 kobo, while NPF Microfinance Bank down by 4.82 per cent to close at N3.95, per share.

Meanwhile, the total volume traded advanced by 60.5 per cent to 668.72 million units, valued at N23.83 billion, and exchanged in 45,894 deals. Transactions in the shares of Fortis Global Insurance led the activity with 205.336 million shares worth N412.925 million. United Bank for Africa (UBA) followed with account of 81.334 million shares valued at N3.603 billion, while First Holdco traded 40.414 million shares valued at N5.174 billion.

FCMB Group traded 21.055 million shares worth N238.692 million, while Access Holdings traded 17.867 million shares worth N484.184 million.