Investors Lose N96.53bn In Stock Market Bearish Week
UMORU ABDULKADIR
The Nigerian Stock Exchange (NSE) trading activities again closed on a negative trend Friday, as the market benchmark index declined by 0.65 per cent to sustain previous days’ loss, closing at 28,843.53 points.
Specifically, the market All-Share Index (ASI) declined by 187.4 basis points or 0.65 per cent to close at 28,843.5 points lower than 29,030.93 points recorded on Thursday while the market capitalisation depreciated by N96.53 billion or 0.65 per cent to close at N14.857 trillion in contrast to N14.954 trillion achieved the preceding day.
The market breadth closed negative as Bua Cement Plc led 11 gainers against 24 worst performing stocks topped by Stanbic IBTC Holdings Plc, despite its impressive full year performance, an indication that Investors’ positive sentiments for equity assets remained weak.
Stanbic IBTC Plc led the losers’ chart with N3.25 loss to close trading at N38.25 per share, followed by CAP Plc, which dropped 250 kobo to close at N25 per share. Presco Plc depreciated by 240 kobo to close at N49.85 per share.
Guaranty Trust Bank dipped 100 kobo to settle at N30 per share, while PZ Cussons declined by 55 kobo to close the week’s trading at N5.1 per share, among others.
On the flip side, Bua Cement led the best-performing stocks on the day when it added 25 kobo to close at N37per share, followed by Access Bank Plc which also inched up 25 kobo to close at N9.9 per share. Oando Plc recorded 10 kobo gain to close at N3.7 per share.
Jaiz Bank, a non-interest bank, nicked 6 kobo to close at N0.72 per share, while Champion Plc also advanced by 6 kobo to close at N0.97 per share to round off the top five gainers’ table.
The activity chart showed that Zenith Bank stocks emerged the most active on the day, accounting for 47.4 million units of shares valued at N994.6 million traded in 591 deals, followed by Unilever Nigeria Plc, which traded 44.1 million shares estimated at N661.6 million in 70 deals. United bank for Africa sold 30.2 million shares worth N241.8 million achieved in 382 deals.
While Guaranty Trust Bank transacted 26.3 million shares estimated at N790.2 million across 233 deals, Access Bank Plc had a turnover of 23.9 million shares valued at N226.2 million in 250 deals to boost market turnover and market capitalization respectively.
Overall, equity investors exchanged a total of 348.61 million shares worth N4.21 billion in 4,610 deals.
On today’s bearish market performance, analysts at FSDH, Mr. Jide Solanke said, “Despite the oscillatory movement of the Market Composite All-Share Index, positive sentiment for equity assets by investors remained strong.”
On Friday’s market outlook and expectation for the next week, he said, “We expect a positive performance amidst profit-taking and positioning, as investors cash in on the current low prices to position.”
Comments are closed.