Local market opens week with 0.21 per cent descent

Equities trading on the Nigerian Stock Exchange (NSE) opened the week in negative territory, following sell-offs in blue-chip stocks.

Hence the All Share Index (ASI) moderated by 0.21 per cent to close at 35,064 basis points, just as investors lost N38.4 billion as the market capitalisation settled at N18.33 trillion at the end of the trading session on Monday.

Consequently, Month-to-Date and Year-to-Date gains moderated to 0.1 per cent and 30.6 per cent, respectively.
Despite an overall bearish trade, market sentiment, as measured by market breadth, was positive as 17 stocks gained, relative to 15 losers.

Livestock topped the gainers’ list having appreciated by 9.92 per cent to close at N1.33 kobo, NNFM followed closely with 9.90 per cent appreciation to close the day session at N6.88 kobo per share.

FTN Cocoa also closed green after gaining 6.90 per cent to close at 31 kobo per share, while Wapic Insurance added five per cent to its share value to close at 42 Kobo per share.

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Conversely, Transcorp Hotel led the decliners chart to close at N3.60 Kobo per share after losing ten per cent, EcoBank Transnational IncorporationI, followed with 8.5 per cent descent in its share value to close at N5.40 kobo per share.

The sectoral performance was unimpressive as three out of five indices monitored closed northwards; the NSE Banking, NSE Consumer Goods and NSE Industrial indices moderated by 0.84 per cent, 0.56 per cent and 0.07 per cent respectively. On the positive side, the NSE Insurance and NSE Oil/Gas indices rose by 0.48 per cent and 0.17 per cent respectively.

However, the total volumes traded increased by 10.7 per cent to 324.32 million units, valued at N3.19 billion, and exchanged in 4,108 deals. Investors interest tilted towards the stocks of United Bank for Africa as it recorded the most traded stock by volume and value at 89.12 million units and N730.83 million, respectively.

NIGERIAN TRIBUNE

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