Stock market resumes December trading with N27b losses

For the first trading day in December, the Nigerian equities market closed lower at the end of Monday’s transactions, occasioned by price losses in medium and highly capitalised stocks, as market capitalisation fell by N27 billion.
 
Accordingly, the All Share Index (ASI) was down by 75.41 absolute points, representing a decrease of 0.24 per cent to close at 30,798.76 points. Similarly, the market capitalisation lost N27 billion to close at N11.244 trillion.
   
The downturn was impacted by losses recorded in bellwether stocks, amongst which are; MRS Oil Nigeria, Nigerian Breweries, Stanbic IBTC Holdings, Dangote Cement, and PZ Cussons Nigeria.
   
Analysts at APT Securities and Funds Limited said the equities market tempo is not unconnected with foreign investors moving to safety in Eurobond, amidst caution by other investors waiting for stock prices to bottom out, while also advising investors to accumulate in tranches potentially under-priced stock.
   
Similarly, SCM Capital Research said: “Our near-term outlook for the equities market remains negative, amidst brewing political concerns, and an absence of a positive driver. However, stable macroeconomic fundamentals remain supportive of recovery in the long term.”
   
However, the market breadth closed positive, recording 19 gainers against 14 losers. Jaiz Bank experienced the highest price gain of 10 per cent to close at 44 kobo per share. 
   
Diamond Bank followed with a gain of 9.23 per cent to close at 71 kobo, while Learn Africa rose 8.62 per cent to close at N1.26 per share.
FCMB Group gained 7.59 per cent to close at N1.56, and Sterling Bank y 5.42 per cent to close at N1.75 per share.On the other hand, Continental Reinsurance led the losers’ chart by 10 per cent to close at N1.80 per share. MRS Oil Nigeria followed with 9.98 per cent to close at N25.70, while AXA Mansard Insurance lost 9.90 per cent to close at N1.82 per share.  
   
PZ Cussons Nigeria shed 9.65 per cent to close at N10.30, and Lasaco Assurance 6.67 per cent to close at 28 kobo per share. The total volume traded appreciated marginally by 0.13 per cent to 249.74 million shares, worth N2.72 billion, and traded in 3,122 deals. Transactions in the shares of FCMB Group topped the activity chart with 103.48 million shares valued at N161.56 million. 
   
FBN Holdings followed with 22.12 million shares worth N161.56 million, while United Bank for Africa (UBA) traded 20.12 million shares valued at N152.39 million.Diamond Bank traded 19.74 million shares valued at N14.02 million, while Zenith Bank transacted 19.24 million shares worth N453.57 million.