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Stock market resumes bearish run as indices shed 0.4%

Equities market opens week on negative note as ASI down 0.13%

Activities on the nation’s bourse opened for the week on Monday on a downward posture, with crucial market indices shedding 0.40 per cent.

Specifically, market capitalisation which opened at N13.606 trillion, lost N54 billion or 0.40 per cent to close at N13.552 trillion against N13.606 trillion on Friday.

Similarly, the All-Share Index dipped 110.81 points or 0.40 per cent to close at 27,808.69 compared with 27,808.69 achieved on Friday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, among which were; Nigerian Breweries, MTN Nigeria, NASCON), C&I Leasing and Flour Mills Nigeria.

Analysts at Afrinvest Securities Limited said “We expect bearish performance to persist in the market although there are opportunities for bargain hunting.”

Market breadth closed negative, 14 stocks posted gains, while 19 stocks posted declines.

Africa Prudential recorded the highest price gain of 8.82 per cent to close at N3.70 per share.

Read also: Forex dealers get $4.47bn from CBN in two months

United Bank for Africa (UBA) followed with 8.18 per cent gain to close at N5.95, while Ikeja Hotel appreciated by 6.57 per cent to close at N1.46 per share.

Sovereign Trust Insurance went up by 4.76 per cent to close at 22k, while UACN appreciated by 3.70 per cent to close at N5.60 per share.

Conversely, NASCON led the losers’ chart by 10 per cent to close at N13.50 per share.

Consolidated Hallmark Insurance followed with a decline of 9.68 per cent to close at 28k, while Linkage Assurance went down by 9.38 to close at 58k per share. C&I Leasing lost 8.08 per cent to close at N4.55, while Transnational Corporation of Nigeria shed 6.86 per cent to close at 95k per share.

Total volume traded closed higher with an exchange of 285.76 million shares worth N2.24 billion, traded in 3,887 deals.

This was in contrast with a total of 274.21 million shares valued at N2.84 billion achieved in 2,966 deals on Friday.

By Babatunde Alao…

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