Nigerian Stock Market Down 0.08% After Sallah Holiday

By Dipo Olowookere

The first trading session of this week also occurring after the Sallah break observed on Monday and Tuesday ended on a negative note on Wednesday at the Nigerian stock market with a 0.08 per cent loss.

The 0.14 per cent loss posted by the insurance index and the 0.09 per cent decline suffered by the consumer goods sector brought down the Nigerian Exchange (NGX) yesterday.

The bourse crumbled despite the 0.51 per cent rise posted by the banking space, the 0.08 per cent growth recorded by the energy counter, and the marginal 0.001 per cent gain achieved by the industrial goods sector.

As a result, the All-Share Index (ASI) went down by 84.93 points to 99,840.95 points from 99,925.88 points, and the market capitalisation decreased by N48 billion to N56.479 trillion from N56.527 trillion.

Business Post reports that investor sentiment remained strong yesterday despite the weak outcome, as the NGX printed 40 price gainers and 15 price losers, representing a positive market breadth index.

Caverton lost 9.62 per cent to trade at N1.41, ABC Transport depreciated by 9.52 per cent to 57 Kobo, Nigerian Breweries fell by 8.37 per cent to N29.00, Coronation Insurance depleted by 5.71 per cent to 66 Kobo, and AXA Mansard waned by 4.37 per cent to N5.25.

Conversely, University Press gained 10.00 per cent to close at N2.75, Guinness Nigeria appreciated by 9.96 per cent to N66.25, Champion Breweries increased by 9.83 per cent to N3.24, Honeywell Flour rose by 9.52 per cent to N3.45, and Veritas Kapital expanded by 9.46 per cent to 81 Kobo.

A total of 1.4 billion equities valued at N16.5 billion exchanged hands in 9,899 deals at midweek versus the 318.1 million equities worth N5.0 billion transacted in 7,302 deals last Friday, implying a jump in the trading volume, value, and number of deals by 334.92 per cent, 230.00 per cent, and 35.57 per cent, respectively.

Fidelity Bank traded 1.1 billion units worth N11.3 billion during the session to dominate the activity, followed by AIICO Insurance with 60.7 million units valued at N58.9 million, Veritas Kapital sold 55.7 million units for N44.3 million, UBA exchanged 21.6 million units valued at N480.5 million, and Zenith Bank transacted 15.3 million units worth N545.5 million.