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Stock market reopens bearish, indices down by N7 billion

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[FILES] Nigerian Stock Exchange (NSE)

Transactions on the trading floor of the Nigerian Stock Exchange (NSE) reopened on a downward note yesterday, following price losses suffered by most blue-chip stocks, as market capitalisation plunged marginally by N7 billion.

Specifically, at the close of transactions yesterday, the All-Share Index (NSE-ASI) was down by 17.33 absolute points, representing a dip of 0.06 per cent, closing at 31,125.39 points. Similarly, the market capitalisation decreased by N7 billion, closing at N11.607 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Ikeja Hotel, Cutix, NEM Insurance, Union Bank of Nigeria and Zenith Bank.

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On the outlook for the market this week, analysts at United Capital Plc said: “Considering the overly bearish theme that was witnessed last week (Relative Strength Index: 48.6), the market may likely see a rebound this week as investors take advantage of badly beaten stocks on the exchange.”

Market breadth closed negative, with 10 gainers versus 20 losers. Dangote Flour Mills recorded the highest price gain of 7.35 per cent, to close at N10.95, per share.

Union Diagnostic & Clinical Services gained 7.14 per cent to close at 30 kobo, while McNichols appreciated by 5.26 per cent to close at 60 kobo per share.

Caverton Offshore Support Group appreciated by 3.69 per cent to close at N2.25, while United Capital gained 1.79 per cent to close at N2.85, per share.

On the other hand, Ikeja Hotel led the losers’ chart by 9.66 per cent, to close at N1.87, per share. Cutix shed 8.89 per cent to close at N2.05, while Sovereign Trust Insurance depreciated by eight per cent to close at 23 kobo, per share.

Wema Bank declined by 7.79 per cent to close at 71 kobo and Linkage Assurance shed 6.78 per cent to close at 55 kobo, per share.

The total volume traded declined by 1.86 per cent to 205.73 million shares, worth N1.93 billion, and traded in 3,821 deals. Transactions in the shares of Access Bank topped the activity chart with 56.02 million shares valued at N328.4 million.

Zenith Bank followed with 27.58 million shares worth N603.65 million, while United Bank for Africa (UBA) traded 22.62 million shares valued at N170.7 million.

FCMB Groups traded 13.67 million shares valued at N24.72 million, while Guaranty Trust Bank transacted 12.65 million shares worth N446.41 million.

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