Local stock market opens week negative as investors lose N169bn

Despite the improved turnover, the Nigerian equities market reversed the previous week’s positive close to end the first trading session of the week on a negative note.

Basically, the All-Share Index (ASI) of the Nigerian Exchange Limited (NGX) dipped by 0.58 per cent on Monday to stand at 53,772.35 basis points as against a previous close of 54,085.30 basis points.

This bearish trade session brought both the month-to-date and year-to-date performance of the ASI at 8.33 per cent and 25.88 per cent respectively.

Therefore, equities investors lost N169 billion from their net worth as the market capitalisation followed suit the direction of the ASI to stand at N28.989 trillion, representing a decrease of 0.58 per cent from the N289.158 trillion it stood at the end of the previous trading session.

However, the bulls’ camp took dominance over the market breadth with 25 counters in the gainers’ chart pitted against 17 counters in the losers’ chart.

Transnational Express gained 9.86 per cent to become the best performing stock in the session, flanked by NPF Microfinance, UACN, Jaiz Bank and Livestock as they populated the top five gainers’ chart, while from the rear of the chart Presco, University Press Limited, FTN Cocoa, May&Baker and Wema Bank populated the top five losers’ chart.

All sectoral indices closed in the same direction as the ASI, save for the Insurance and Oil and Gas sectors which gained 0.65 per cent and 0.07 per cent respectively, while NGX Growth and NGX ASEM sectors closed flat.

Owing to Union Bank of Nigeria’s (UBN) block divestment, market activity as measured by both volume and value of trades skyrocketed at the end of the trading session. The daily traded volume stood at 27.565 million units, representing a 13146.69 per cent spike from a volume of 208.086 million units traded in the previous session.

Value of those traded stocks ballooned by 3420.76 per cent in the session to stand at N194.356 billion as against a value of N5.520 billion recorded in the previous trading session.

Occasioned by the cross deals, UBN dominated the volume charts as the top traded stock by volume for the trading session, followed by Transcorp, Access Corporation, Jaiz Bank and Sterling Bank to complete the list of the five most traded stocks by volume.

With regards to the value of traded stocks, UBN also took the lead of the top five
performers, flanked by Nestle Nigeria, MTN Nigeria, Access Corporation and Guaranty Trust Holding Company.

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investors lose N169bn…  investors lose N169bn…