Stock market reopens bearish as index drops by 0.01 per cent
After seven trading sessions of gaining streak, price losses recorded by most bluechip stocks dragged the All Share Index (ASI) by 0.01 per cent.
Specifically, at the reopening of trading yesterday, the ASI fell by 1.18 or 0.01 points to close at 22,920.41 points. Accordingly, investors lost N1 billion in value as market capitalisation declined to N11.945 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are: Guinness Nigeria, Guaranty Trust Bank, Zenith Bank, PZ Cussons Nigeria and Union Bank of Nigeria (UBN).
Analysts at GTI Securities Limited said: “After seven consecutive trading sessions of gaining streak despite Covid-19 lockdown, we expect some investors to exit their position in the early days of this week, despite an attractive valuation of many equities.”
Market breadth closed negative, with 14 gainers versus 16 losers. Julius Berger and Linkage Assurance recorded the highest price gain of 10 per cent each, to close at N26.95 and 55 kobo, respectively, while BUA Cement followed with a gain 8.48 per cent to close at N34.55, per share.
NASCON Allied Industries went up by 7.49 per cent to close at N10.05, while Nigerian breweries appreciated by 6.65 per cent to close at N34.50, per share.
On the other hand, Guinness Nigeria led the losers’ chart by 9.38 per cent, to close at N20.30, per share. PZ Cussons Nigeria followed with a decline of 9.09 per cent to close at N4.00 per share.
Livestock Feeds went down by 7.14 to close at 65 kobo, per share. Champion Breweries lost 6.25 per cent to close at 90 kobo, while Zenith Bank shed 5.67 per cent to close at N14.15, per share.
However, the total volume traded rose by 49.15 per cent to 345.437 million shares, worth N4.208 billion, and traded in 4,930 deals.
Transactions in the shares of FBN Holdings topped the activity chart with 115.32 million shares valued at N538.15 million.
Guaranty Trust Bank followed with 51.79 million shares worth N1.055 billion, while Transnational Corporation of Nigeria (Transcorp) traded 33.38 million shares valued at N23.104 million.
Zenith Bank traded 26.03 million shares valued at N376.519 million, while United Bank for Africa (UBA) transacted 20.344 million shares worth N122.678 million.