Nigerian Stock Market Returns to Familiar Territory
By Dipo Olowookere
The gains posted by the nation’s stock market on Monday, which gave some investors a heave of sigh, did not last long as the equity market returned to where it was coming from on Tuesday.
The Nigerian stock market seems to have been very comfortable with the bears as transactions went down by 0.16 percent yesterday after rising by 0.09 percent in the previous session.
This reduced the All-Share Index (ASI) at the session by 43.79 points to 26,513.65 points from 26,557.44 points and the market capitalisation by N21.3 billion to N12.907 trillion from N12.928 trillion.
Dominating the top losers’ log on Tuesday was MTN Nigeria after the company’s shares went down by N1 to close at N129 per unit.
It was followed by GSK Nigeria, which fell by 70 kobo to finish at N6.40 per share, and Dangote Flour, which depreciated by 55 kobo to close at N22.45 per unit.
GTBank lost 20 kobo yesterday to settle at N26.65 per unit, while Africa Prudential went down by 10 kobo to end at N3.90 per share.
On the flip side, CCNN was the highest price gainer as the cement company’s stocks rose by 65 kobo to close at N15.85 per unit, while NAHCO trailed with 12 kobo added to its share value to finish at N2.45 per share.
United Capital appreciated by 7 kobo to settle at N2.10 per share, Fidson Healthcare rose by 5 kobo to end at N4 per unit, while UAC Nigeria also garnered 5 kobo to close at N6.70 per unit.
Business Post reports that the level of activity was mixed during yesterday’s session as the volume of shares exchanged by investors rose by 35.12 percent, while the value declined by 15.47 percent.
A total of 174.4 million shares worth N2.3 billion exchanged hands in 2,484 deals on Tuesday compared with the 129.1 million units worth N2.7 billion transacted on Monday in 2,595 deals.
Access Bank was investors’ bride at the market as the company sold 27.3 million units of its shares valued at N201.5 million, while GTBank traded 24.6 million equities worth N655.8 million.
FCMB traded 23.0 million shares for N36.8 million, Global Spectrum Energy Services sold 20,0 million units worth N94.0 million, while Transcorp exchanged 14.5 million stocks valued at N14.6 million.
An analysis of performance of the sectors yesterday showed that the pullback posted by the market was influenced by the banking index, which fell by 0.25 percent; the insurance index, which crashed by 0.41 percent; and the energy index, which depreciated by 0.22 percent.
Only the industrial goods sector performed well at the trading day as its index appreciated by 0.83 percent, while the consumer goods index closed flat.