Local stock market opens week weaker by 0.13% as investors lose N37bn

The Nigerian Equities Market closes the first trading session of the week on a negative note amidst low turnover as the benchmark index dipped by 0.13 per cent to stand at 52,911.51 basis points.

This brought both the month-to-date and year-to-date performance of the All-Share Index at 6.59 per cent and 23.87 per cent respectively.

Market Capitalisation followed suit the direction of the All Share Index(ASI) to stand at N28.525 trillion, representing a decrease of 0.13 per cent from the N28.562 trillion it stood at the end of the previous trading session, as investors’ net worth waned by N37 billion.

Bears’ camp took dominance over the market breadth with 24 counters in the losers’chart pitted against 22 counters in the gainers’ chart.

Conoil gained 9.95 per cent to become the best performing stock in the session, flanked by MRS Oil, MCNicholas, Academy Press and NPF Microfinance Bank as they populated the top five gainers’ chart.

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From the rear of the chart PrescoRESCO, GSPEC Plc, Neimeth, UACN, and NEM Insurance populated the top five losers’ chart.

Sectorial indices closed in a mixed direction with the ASI, with NGX Insurance losing 2.32 per cent to become the most losing sector, NGX Growth gained 0.81 per cent to become the most gaining sector, while NGX ASEM sector closed flat.

Also, Market activity as measured by the volume of trades shed weight at the end of the trading session as the daily traded volume stood at 263.339 million units, representing a 39.68 per cent drop from a volume of 436.568 million units traded in the previous session.

The value of those traded stocks however inched up by 10.15 per cent in the session to stand at N3.550 billion as against a value of N3.223 billion recorded in the previous trading session.

Jaiz Bank dominated the volume charts as the top traded stock by volume for the trading session. This is followed by Guaranty Trust Holding Company (GTCO), Transcorp, Access Corporation and Zenith Bank to complete the list of the five most traded stocks by volume.

With regards to the value of traded stocks, Presco took the lead of the top five performers. It is flanked by MTN Nigeria, GTCO, Seplat and Zenith Bank.

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Local stock market opens week weaker by 0.13% as investors lose N37bn

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Local stock market opens week weaker by 0.13% as investors lose N37bn