Stock Market Commences Week on Negative Note, Depreciates by 0.07%

Stock Market Commences Week on Negative Note, Depreciates by 0.07%

Kayode Tokede

The stock market of the Nigerian Exchange L:mited (NGX) yesterday opened the week on a negative note, reversing last session gains.

The NGX All Share Index (ASI) decreased by 38.22 basis points or 0.07 per cent to close at 51,791.45 basis points, while the market capitalisation lost N21 billion to close at N27.921 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nigerian Breweries, Conoil, Lafarge Africa, Red Star Express and Cutix Plc.

Also, market breadth closed negative, with 18 losers versus 17 gainers. Fidson Healthcare recorded the highest price gain of 9.82 per cent to close at N12.30, per share.

Learn Africa followed with a gain 9.78 per cent to close at N2.47, while UACN Property Development Company (UPDC) rose 9.71 per cent to close at N1.13, per share.

Prestige Assurance went up by 8.33 per cent to close at 37 kobo, while Regency Alliance Insurance appreciated by 7.69 per cent to close at 28 kobo, per share.

On the other hand, Conoil led the losers’ chart by 9.90 per cent to close at N25.95, while R.T. Briscoe Nigeria and Red Star Express followed with a decline of 9.09 per cent each to close at 40 kobo and N2.50 respectively, per share.

Cutix lost 7.69 per cent to close at N2.28, while Unity Bank shed 6.69 per cent to close at 42 kobo, per share.

However, the total volume traded rose 52.82 per cent to 194.121 million shares, worth N2.822 billion, and traded in 4,899 deals.

Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 25.074 million shares valued at N31,770 million.

Guaranty Trust Holding Company (GTCO) followed with 20.176 million shares worth N413.020 million, while United Bank for Africa (UBA) traded 17.594 million shares valued at N131.221 million.

AIICO Insurance traded 13.608 million shares valued at N8.323 million, while FBN Holdings (FBNH) transacted 11.634 million shares worth N131.920 million.

Analysts at InvestmentOne Research noted that, “The stock market closed southwards today on the back of losses recorded across major sectors.

“Going forward, we expect investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space. We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”

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