Trading activities on the floor of the Nigeria Stock Exchange (NSE) on Monday ended on a negative note to erase previous gains, as investors’ sentiment weakened.
The All – share Index (ASI) depreciated by 84 basis points as against the 26 basis points appreciation recorded in the previous trading session, thereby opening the new week with a bearish performance.
Losses recorded by market bellwethers such as Nestlé which dropped 3.2%, Dangote shedding 0.6% and Nigerian Breweries which depreciated by 2.0% pulled down the ASI to close at 40,677.61 points, while the Year-to-Day (YTD) returns rose by 6.37%.
Consequently, investors lost N124.9bn as market capitalisation of traded equities fell to N14.7tn.
Although, activities level was mixed as the volume of transactions at the floor rose by 2.0% to 218.8m units while the value of shares traded dipped by 47.3% to N2.2bn.
Market breadth was negative, with 11 gainers against 34 losers. Nestlé emerged the top loser as it shed N50.00 to close at N1530 per share. Okomu Oil trailed by dropping N4.50 to close at N90 per share while Nigerian Breweries depreciation N2.50 to close at N124.50 per share.
Dangote Cement lost N1.50 to close at N245 per share while Oando declined by 40k to close at N8.15 per share.
On the the flip side, Caverton led the gainers’ chart by adding 13k to close N2.61 per share. Fidson Health Care followed with 11k to close at N5.38 per share, while Cutix Plc. appreciated by 10k to close at N3.05.
FCMB rose with 9k to close at N2.54 per share while Eterna Plc. recorded 7k gain to close at N6.93 per share.
UBA was investors’ choice today as it recorded 60,444,973 shares worth N706.64m to become the most traded stock, while FCMB followed with 17,509,492 shares valued at N45.73m.
Sovereign Trust Insurance Plc. traded 12,443,012 shares worth N2.49m. FBN Holdings Plc. transacted 11,912,516 shares valued at N143.1m while Fidelity Bank Plc. sold 10,535,120 shares worth N25.31m.
In all, investors stake N2.23bn on 218,772,603 shares in 4,109 deals.
Meanwhile, analysts at Cordros Capital stated that, “Our outlook for the equities market remains positive, as strengthening macroeconomic fundamentals suggest legroom for gains exists.”
By Oluwasegun Olakoyenikan….
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