33 Stocks Paralyse NSE Index by 1.27% Monday

By Dipo Olowookere

The free fall at the stock market continued on Monday as equities of 33 companies listed on the bourse depreciated at the close of transactions against the five risers. This left the Nigerian Stock Exchange (NSE) further paralysed by 1.27 percent, shrinking the year-to-date return to a mere 0.74 percent at the close of business.

The weakening of the exchange came despite an improvement in the trading activity. The volume of shares traded by investors rose by 1.83 percent to 429.0 million units from 421.3 million units.

Similarly, the value of trades increased by 31.44 percent to N7.3 billion from N5.6 billion, while the number of deals appreciated by 2.49 percent to 4,533 deals from 4,423 deals.

Business Post reports that the key sectors of the market closed in red, with the banking sector taking the lead after depreciating by 4.78 percent as a result of heavy selloffs.

The industrial counter lost 0.85 percent, consumer goods index fell by 0.72 percent, insurance sector declined by 0.47 percent, while the oil/gas counter depreciated by 0.45 percent.

The only five gainers at the market yesterday were Law Union and Rock Insurance, which gained 7 kobo to close at 80 kobo per share; May & Baker, which rose by 5 kobo to end at N1.87 per unit; Sterling Bank, which improved by 4 kobo to sell at N1.50 per unit; Linkage Assurance, which appreciated by 2 kobo to trade at 45 kobo per share; and Vitafoam, which garnered 1 kobo to quote at N4.51 per share.

At the other side, Julius Berger lost N1.60 to trade at N22.40 per unit, while Nigerian Breweries declined by N1.45 to quote at N47 per share. GTBank lost N1.05 to sell at N26.90 per share, Cadbury Nigeria fell by 90 kobo to settle at N8.20 per share, while Zenith Bank declined by 75 kobo to finish at N19.10 per share.

GTBank was the most traded stock at the market on Monday, selling 177.1 million units worth N4.8 billion, while FBN Holdings exchanged 60.1 million shares valued at N329.5 million.

Zenith Bank traded 56.2 million equities for N1.1 billion, UBA sold 39.2 million stocks for N267.2 million, while United Capital exchanged 18.5 million shares valued at N63.0 million.

When market activities were wrapped up yesterday, the All-Share Index (ASI) reduced significantly by 347.59 points to 27,041.03 points from 27,388.62 points, while the market capitalisation decreased by N181 billion to N14.087 trillion from N14.268 trillion.