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Bears Resurface on Nigerian Stock Exchange

By Dipo Olowookere

Trading resumed on the Nigerian Stock Exchange (NSE) on Monday bearish after the market shed 0.39 percent. This reversed the gains recorded last Friday when the market closed for the week.

At the close of transactions yesterday, the year-to-date loss stood at 15.80 percent, mainly influenced by selloffs by investors, who are exiting as a result of political uncertainties and better investment returns at advanced markets.

The All-Share Index (ASI) decreased by 125.61 points to close at 32,201.98 points, while the market capitalisation reduced by N46 billion to settle at N11.756 trillion.

The Financial Services industry led the activity chart on Monday with 119.8 million shares exchanged for N1.4 billion, while the Services sector followed with 12.4 million shares worth N41 million.

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Access Bank recorded the most transactions yesterday, selling a total of 24 million shares valued at N185.4 million.

GTBank followed with 23.7 million units sold for N805.5 million, and Skye Bank, which traded 15 million equities worth N9.3 million.

Zenith Bank exchanged 10.3 million shares valued at N209 million, while C&I Leasing transacted 8.3 million equities worth N26 million.

At the end of the day, the volume of shares decreased by 36.29 percent from 252.2 million to 160.7 million, while the total value of stock traded went down by 54.53 percent from N4.7 billion to N2.2 billion.

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Business Post reports that the market recorded 23 price losers and 18 price gainers on Monday, leaving the market breadth negative.

Nestle Nigeria emerged the highest price loser after shedding N20 of its value to close at N1350 per share.

Guinness Nigeria lost N1.90k to close at N86 per share, while Mobil Oil Nigeria went down by N1 to settle at N179 per share.

GTBank reduced by 80 kobo to end at N33.95k per share, while Stanbic IBTC depreciated by 75 kobo to close at N41.50k per share.

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On the flip side, Forte Oil topped the gainers’ list, adding N1.50k to its share price to close at N19 per share.

It was followed by Access Bank, which grew by 30 kobo to settle at N8.10k per share, and C&I Leasing, which went up by 25 kobo to end at N3.15k per share.

Zenith Bank appreciated by 20 kobo to close at N20.25k per share, while Flour Mills garnered 15 kobo to end at N19.15k per share.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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