The Nigerian stock market closed yesterday to open for the new week on a negative note with a decline of 0.90 per cent.
According to Eyes Of Lagos reports, In summary, the All Share Index (ASI) shed 329.15 absolute points, representing a loss of 0.90 per cent to close at 36,317.31 points. Similarly, the market capitalisation dropped by N113 billion, to close at N12.518 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Mobil, Guiness, Guaranty Trust Bank, Flourmills, Nigerian Breweries, Access Bank, Zenith Bank, UBA, Dangote Cement and FBN Holdings.
Analysts at Afrinvest noted that, “Given the extended sell pressure on the Bourse over the past two weeks, we expect to see some bargain hunting by investors in early trades of this week.
“We maintain our positive medium term view for equities, on the back of positive forward earnings and increase in valuation multiples.”
Market breadth was negative, with nine gainers versus 30 losers. Total recorded the highest price gain of 9.09 per cent, to close at N236.50. Airline Services followed with a gain of 4.99 per cent, to close at N5.68, while Cutix appreciated by 4.98 per cent to close at N2.11 per share.
Vitafoam appreciated by 4.49 per cent to close at N2.79, while Continental Reinsurance went up by 3.88 per cent to close at N1.34 per share.
On the other hand, Mobil and Transnational Express led the losers’ chart by five per cent, each to close at N182.93 and seven six kobo, respectively, while Conoil followed with a decline of 4.71 per cent, to close at N27.70 per share.
Champion Breweries depreciated by 4.49 per cent to close at N2.34 and Livestock declined by 4.26 per cent to close at 90 kobo per share.
Also, the total volume traded decreased by 17.6 per cent to 348.11 million shares, worth N2.98 billion, and traded in 3,276 deals. Transactions in the shares of Costodian and Allied Insurance topped the activity chart with 190.56 million shares valued at N647.9 million. Oando followed with 27.37 million shares worth N185.37 million, while Access Bank traded 14.95 million shares valued at N151.53 million.
Fidelity Bank traded 14.44 million shares valued at N19.51 million, while Sterling Bank sold 11.41 million shares worth N11.63 million.