Stocks Lose N17bn as Investors Await Fresh Triggers

By Dipo Olowookere

All seems not to be well with Nigerian stocks at the moment as investors are looking forward to that positive news item that could trigger the return of the bulls. In the past days, the market has struggled for survival as the bears have become more brutal and unforgiving.

On Friday, the Nigerian Stock Exchange (NSE) further lost 0.08 per cent, deepening the year-to-date loss to 2.33 per cent at the close of trading activities for the week.

Business Post observed that the gains printed by insurance (0.78 per cent) and industrial goods (0.55 per cent) sectors were not enough to upturn the losses posted by the energy (5.31 per cent), banking (0.53 per cent) and consumer goods (0.16 per cent) counters.

This was because when the market closed yesterday, the All-Share Index (ASI) shrank by 33.06 points to 39,331.61 points from 39,364.67 points, while the market capitalisation decreased by N17 billion to N20.579 trillion from N20.596 trillion.

At the session, the share prices of Tripple Gee and Trans-nationwide Express went down by 10 per cent each to 72 kobo and 81 kobo respectively.

Union Homes REIT depreciated by 9.96 per cent to N36.60, Cutix declined by 9.95 per cent to N1.81, while SCOA Nigeria lost 9.90 per cent to close at N2.64.

On the flip side, Morison Industries recorded a price appreciation of 10.00 per cent to settle at 66 kobo and was trailed by Lafarge Africa, which gained 9.90 per cent to sell for N22.20.

NEM Insurance grew by 9.88 per cent to N1.89, SAHCO improved by 9.54 per cent to N3.33, while Unity Bank rose by 8.96 per cent to 73 kobo.

At the close of transactions, the market breadth remained negative as there were 27 price losers as against 20 price gainers.

However, the volume and value of shares traded by investors increased by 19.18 per cent and 188.31 per cent respectively, while the number of deals reduced by 10.77 per cent.

A total of 587.7 million shares worth N13.6 billion exchanged hands in 4,895 deals on Friday compared with the 493.2 million equities valued at N4.7 billion transacted in 5,486 deals on Thursday.

Axa Mansard Insurance was the most active stock by volume yesterday with the sale of 282.3 million worth N282.4 million, while Zenith Bank trailed with the sale of 46.9 million units valued at N1.2 billion.

FBN Holdings transacted 26.5 million equities valued at N186.0 million, UBA traded 23.3 million shares for N184.6 million, while GTBank exchanged 20.8 million stocks worth N645.4 million.