Stock market reopens bearish, index down by 0.06%

Transactions on the floor of the Nigerian Stock Exchange (NSE), reopened on a bearish note yesterday, following price losses incurred by most bluechip stocks, causing the All-share index to dip marginally 0.06 per cent.

Specifically, the NSE’s All-share Index decreased by 20.25 absolute points, representing a growth of 0.06 per cent to close at 36,479.42 points. Similarly, the market capitalisation was down by N7billion to close at N13.315trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Beta Glass, Okomu Oil, Nigerian Breweries, Flour Mills Nigeria and Dangote Cement.

Analysts at APT Securities and Funds Limited said: “the market is opened to another round of bargain hunting in the next trading session on positive sentiment. However, the market may sway either way as we dive more into the trading week.”
Market breadth closed negative, recorded 21 gainers against 25 losers.

Consolidated Hallmark Insurance, and Niger Insurance led the gainers’ table by 10 per cent to both close at 33kobo per share. Diagnostic & Clinical Services, and Equity Assurance followed with a gain of 9.09 per cent each to close at 36kobo and 24kobo respectively.

Lafarge Africa appreciated by 8.93 per cent to close at N30.50 per share.
On the other hand, Ikeja Hotels led the laggards’ table by 9.90 per cent to close at N2.82, while Aluminium Extrusion Industries trailed with a loss of 9.78 per cent to close at N8.30 per share.

Beta Glass, and United Capital dipped by 9.09 per cent each to close at N78 and N2.80, respectively, while Secure Electronic Technology was down 8.33 per cent, to close at 33 kobo per share.

Also, total volume traded declined by 31.57 per cent to 182.29 million shares, valued at N2.03billion exchanged in 3,203 deals. Transactions in the shares of UBA topped the activity chart with 21.65 million shares valued at N208.07billion.

United Capital traded 20.37 million shares worth N58.33million, and Regency Alliance Insurance transacted 16.87 million shares valued at N3.96million.

Access Bank followed with 13.87 million shares worth N138.66million, while Union Diagnostic & Clinical Services traded 12.7 million shares valued at N4.57million.