The Guardian
Email YouTube Facebook Instagram Twitter WhatsApp

Investors’ wealth dips by N24b as stock market reopens bearish

Related

Nigerian Stock Exchange


Transactions on the equity sector of the Nigerian Stock Exchange (NSE) reopened on a downturn yesterday following price losses suffered by most highly capitalised stocks, as market capitalisation depreciated by N24 billion.The All-Share Index (ASI) shed 64.56 absolute points, representing a dip of 0.22 per cent to close at 29,495.91 points. Similarly, market capitalisation depreciated by N24 billion as market capitalisation closed at N11.079 trillion.

Yesterday’s performance was influenced by price depreciation in medium and large capitalised stocks, among which are: Nestle Nigeria, Dangote Cement, Flour Mills Nigeria, Ecobank Transnational Inc (ETI) and United Bank for Africa (UBA).

Analysts at Afrinvest Limited said: “Following the negative performance and weakened investor sentiment, we expect sustained low activity this week barring any major economic events. Our outlook remains bearish, but we do not rule out bargain hunting towards the end of the week as witnessed last week.”Analysts at United Capital Plc expected bargain hunters looking to take advantage of cheaply priced stocks to guide sentiments in the near term as Relative Strength Index (RSI) hovers below its oversold region.

However, market breadth closed positive with 26 gainers against 17 losers. Initiates Plc recorded the highest price gain of 9.59 per cent, to close at 80 kobo per share. Dangote Flour Mills followed with a gain of 9.52 per cent, to close at N9.20 kobo, while First Aluminum rose by 9.38 per cent to close at 35 kobo per share.

Cadbury Nigeria appreciated by 8.91 per cent to close at N11, while Consolidated Hallmark Insurance went up by 8.33 per cent to close at 26 kobo per share. On the other hand, Associated Bus Company led the losers’ chart by 10 per cent, to close at 36 kobo per share. A.G. Leventis (Nigeria) followed with a decline of 9.68 per cent to close at 28 kobo, while Niger Insurance declined by 9.09 per cent to close at 20 kobo per share.

Royal Exchange declined by eight per cent to close at 23 kobo, while United Bank for Africa (UBA) down by 4.62 per cent, to close at N6.20 per share.Total volume traded went down by 4.6 per cent to 223.78 million units, valued at N1.79 billion, and exchanged in 3,175 deals. Sovereign Trust Insurance traded with 45.72 million shares valued at N10.96 million. Chams followed with 36.84 million shares worth N10.93 million, while Union Bank of Nigeria (UBN) traded 26.22 million shares valued at N178.41 million.Guaranty Trust Bank traded 14.36 million shares valued at N503.35 million, while UBA transacted 13.65 million shares worth N86.38 million.


In this article:
Nigerian Stock Exchange
Receive News Alerts on Whatsapp: +2348136370421

No comments yet