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Nigerian stock market opens week bearish, down 51 billion naira




Specifically, market capitalization fell 51 billion naira or 0.25% on Monday to close at 20,248 trillion naira against 20,299 trillion naira on Friday.

In addition, the All-Share index lost 97.95 points or 0.25% to close at 38,864.33 against 38,962.28 posted on Friday.

As a result, the cumulative monthly and annual cumulative losses increased to 0.9% and 3.5%, respectively.

The decline was supported by investor selling sentiment in the insurance and industrial goods sector.

The negative performance of the market was due to the depreciation of the prices of large and mid-capitalization stocks which are; BUA Cement, AXA Mansard Insurance, Guaranty Trust Holding Company (GTCO), Zenith Bank and United Bank for Africa.

This week, analysts at GTI Securities Limited are expecting sentiment to be positive as expectations rise towards the compilation of the third quarter financial reports.

“In addition, investors will also follow the development of returns in the fixed income market”, analysts say.

However, the market width closed positively, registering 20 winners against 12 losers.

University Press led the winners chart in terms of percentage with 9.80 percent to close at N 1.12 per share.

Transcorp Hotel followed with 9.70 percent to close at 5.43 N, while Courteville Business Solutions rose 9.38 percent to close at 35,000 per share.

Oando rose 6.07% to close at 5.24 N, while Cutix Plc gained 5.38% to close at 4.90 N, per share.

On the other hand, AXA Mansard topped the losing chart in terms of a percentage of 9.94 percent to close at N 2.99 per share.

Chams followed with 4.35% to close at 22,000, while Sovereign Trust Insurance fell 4% to close at 24,000 per share.

Mutual Benefits Assurance lost 3.33% to close at 29,000, while BUA Cement lost 2.94% to close at N66 per share.

In total, the total transaction volume decreased by 77.99 percent to 139.45 million units valued at 1.71 billion naira traded in 3,539 transactions.

This contrasts with a turnover of 633.52 million shares worth 6.45 billion naira traded in 3,228 transactions on Friday.

Trading in shares of Sovereign Trust Insurance dominated the activity chart with 19.079 million shares valued at 4.39 million naira.

Fidelity Bank followed with 11.85 million shares worth N29.01 million, while GTCO traded 11.15 million shares worth N307.08 million.

Transcorp sold 10.05 million shares worth N 9.30 million, while Courteville Business Solutions traded 7.95 million shares worth N 2.68 million.




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