Nigeria: Stocks Start Week Bearish on Absence of Bullish Trigger

By Dipo Olowookere

The absence of any bullish trigger left the local stock market extending its losses to the sixth consecutive trading day on Monday.

It was observed that the negative investor sentiment continued yesterday with cautious trading witnessed all through the session.

Recent happenings in the country have left investors in cautious mood as no one wants to caught napping.

At the close of market activities yesterday, the Nigerian Stock Exchange (NSE) suffered a 0.13 percent decline. This left the year-to-date loss at 7.44 percent.

Also, while the All-Share Index (ASI) depreciated by 47.19 points to settle at 35,399.28 points, the market capitalisation reduced by N13 billion to finish at N12.928 trillion.

Business Post reports that the volume of shares transacted on Monday by investors depreciated by 16.87 percent to 160.4 million from 193 million, while the value increased by 8.95 percent to N2.2 billion from N2 billion recorded last Friday.

The banking sector led the activity chart yesterday with a total of 83.3 million shares worth N1.2 billion were bought and sold by investors.

A breakdown showed that United Bank for Africa (UBA) was investors’ delight, trading 30.6 million equities valued at N288.4 million at the close of business.

It was followed by FBN Holdings, which exchanged 14 million shares valued at N135 million, and GTBank, which traded 13.9 million shares worth N536.9 million.

Zenith Bank exchanged 12.4 million shares yesterday worth N291.6 million, while Transcorp transacted 9.9 million equities for N11.4 million.

At the close of transactions, the market breadth finished negative with 26 price gainers and 13 price losers.

The risers’ chart was led by Mobil Oil Nigeria after appreciating by N4 to settle for the day at N180 per share.

International Breweries grew by N1.45k to close at N33.45k per share, while UAC of Nigeria went up by N1 to end at N14 per share.

Eterna increased by 65 kobo to close at N7.20k per share, while Stanbic IBTC also garnered 65 kobo to finish at N50 per share.

At the other side, Guinness Nigeria reported the highest price depreciation after going down by N4 to settle at N90 per share.

Flour Mills of Nigeria crashed by 60 kobo to close at N24 per share, while Oando shaved 30 kobo to end at N5.25k per share.

United Bank for Africa also lost 30 kobo to close at N9.15k per share, while GTBank declined by 20 kobo to finish at N38.80k per share.