GBOLABO AFUWAPE
The stock of Nestle Nigeria lost N20 which represent 1.46 percent as the Nigerian equities market relapsed on Monday. The bourse had its all share index and capitalization relapse by 0.39 percent losing 125.61 points and N5 billion to close with 32,201.98 points and N11.756 trillion.
The market which started the day low about midway into the day’s trading rallied to peak 32.378.72 before coming down and closing the day at 32,201.98 to peg its Year-to-Date (YtD) return at 15.80 percent.
The market’s weakness continued from where it left off on Friday with the total deals relapsing by 5.93 percent to 2,935 trades, aggregate volume by 36.29 percent to amount to 160.665 million and aggregate value by 54.53 percent to amount to N2.152 billion.
Thanks to the growths in the prices of Forte oil and Japaul Oil, Oil and Gas sector defied the market’s relapse in the day as it grew by 0.33 percent, industrial goods sector closed flat while other main sectors closed down.
The stocks of C&I Leasing, Ecobank Transnational Incorporated (ETI) and Courtville recorded the most deals in the day; those of Johnholt, ETI and Sunu Assurance recorded the most volume while those of ETI, Great Nigeria Insurance Plc, and NAHCO recorded the most value turnover in the day.
Market breadth was ill with 18 stocks led by C&I Leasing, Forte Oil and Prestige Assurance that grew in prices against 23 stocks led by Champion Breweries Red start Express and Royal Exchange Assurance that declined in prices.
Analysts at Global View Capital, opined that the Nigerian bourse looks poised to turn around, although it will be a turn around that may not last beyond a training session or at worst two before it resumes its free fall.
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