Nigerian Stock Market Index Drops Further By 0.78 Per Cent

The Nigerian Stock Exchange (NSE) has commenced the second trading week of the year, on a poor note, occasioned by price losses in highly capitalised stocks, causing crucial market indices decreasing further by 0.78 per cent.

Naija News learnt that the All-Share Index shed 238.62 points or 0.78 per cent to close at 30,400.28 against 30,638.90 posted on Friday.

In the same vein, the market capitalisation, which opened at ₦11.425 trillion lost ₦89 billion or 0.78 per cent to close at ₦11.336 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, Nestle Nigeria, Total Nigeria, MRS Oil Nigeria, Unilever Nigeria and Okomu Oil.

Analysts at Afrinvest Limited said market performance is expected to pick up mid-week due to bargain hunting in bellwethers while maintaining a bearish outlook for the month as election uncertainties heighten.

Also, analysts at Apel Research said the market is would maintain existing trend laced with bargain hunting in the next trading session.

Market breadth closed negative with 14 gainers against 34 losers. Diamond Bank and Wapic Insurance recorded the highest price gain of 10 per cent, each to close at ₦1.98 and 44 kobo, respectively, while A.G. Leventis Nigeria followed with a gain of 7.41per cent, to close at 29 kobo, per share.

Aiico Insurance appreciated by 6.25 per cent to close at 68 kobo, while Regency Alliance Insurance went up by five per cent to close at 21 kobo, per share. On the other hand, NEM Insurance and Resort Savings and Loans led the losers’ chart by 10 per cent, each to close at ₦2.34 and 45 kobo, respectively, while MRS Oil Nigeria followed with a decline 9.92 per cent to close at ₦23.15, per share.

UAC of Nigeria (UACN) declined by 9.90 per cent to close at ₦8.65, while Flour Mills Nigeria down by 9.84 per cent to close at ₦19.70, per share.

Total volume of trades declined by 33.42 per cent to 222.58 million units, valued at ₦3.34 billion, and exchanged in 3,746 deals. Diamond Bank traded with 77.68 million shares valued at ₦153.11 million. Zenith Bank followed with 19.75 million shares worth ₦430.1 million, while FBN Holding traded 10.82 million shares valued at ₦80.6 million.

However, on the positive side, Stanbic IBTC led the gainers’ table with a gain of 50k to close at ₦47 per share. Guaranty Trust Bank followed with a gain of 35k to close at ₦33.85, while
Diamond Bank gained 18k to close at ₦1.98 per share.

Eterna Oil rose by 10k to close at ₦4.40, while Lafarge Africa increased by 5k to close at ₦11.35 per share. Diamond Bank emerged the toast of investors as the most traded equity, accounting for 77.68 million shares worth ₦153.10 million. Zenith Bank followed with an account of 19.75 million shares valued at ₦430.09 million, while FBN Holdings traded 10.82 million share worth ₦80.60 million.

Guaranty Trust Bank traded 8.46 million shares valued at ₦286.04 million, while Access Bank sold 7.33 million shares worth ₦42.94 million.

In all, the volume of shares traded closed lower with an exchange of 222.58 million shares valued at ₦3.34 billion in 3,746 deals. This was in contrast with 334.32 million shares worth ₦1.77 billion traded in 4,083 deals on Friday.