NSE: Market indicators resume week with 0.26% loss

 

The Nigerian Stock Exchange (NSE) commenced trading for the week on a negative posture with the market indices down by 0.26 per cent.

Specifically, the All Share Index (ASI) shed 75.85 points or 0.26 per cent to close lower at 29,552.99 compared with 29,628.84 achieved on Friday.

In the same vein, investors net worth dipped N39 billion as the market capitalisation declined to N15.222 trillion against N15.261 trillion, representing a decrease of 0.26 per cent.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Unilever, Julius Berger, Zenith Bank, Eterna and FBN Holdings.

Analysts at Afrinvest Limited stated : “We anticipate a positive trading week but we could see pockets of profit-taking activities in some sessions.”

Also, analysts at United Capital Plc said: “This week we expect reactions to the gradual publication of unaudited earnings report to drive performance.

”However, the recent decision of the Central Bank of Nigeria (CBN) to increase Cash Reserve Ratio (CRR) for banks  to 27.5 per cent is a downside risk.”

Market breadth closed slight negative, with 14 gainers versus 13 losers.

Unilever led the losers’ chart in percentage terms, dropping by 9.97 per cent to close at N15.80 per share.

Eterna came second with a loss of 9.52 per cent to close at N2.85, while Royal Exchange lost 9.09 to close at 30k per share.

Julius Berger decreased by 6.28 per cent to close at N20.15, while Sterling Bank shed 5.15 per cent to close at N1.84 per share.

Conversely, Nigerian Aviation Handling Company recorded the highest gain to lead the gainers’ table in percentage terms, growing by 9.80 per cent, to close at N2.69 per share.

NPF Micro Financial Bank followed with 9.73 per cent to close at N1.24, while Neimeth International appreciated by 8.51 per cent to close at 51k per share.

Linkage Assurance went up by 8.33 per cent to close at 52k, while Vitafoam Nigeria appreciated by six per cent to close at N5.30 per share.

In spite of the drop in market indices, the total volume of shares traded rose by 140.59 per cent with an exchange of 444.04 million shares valued at N3.35 billion in 4,306 deals.

This was in contrast with a total of 184.56 million shares worth N3.51 billion exchanged in 3,852 deals on Friday.

Transactions in the shares of Veritas Kapital Assurance topped the activity chart with 226.56 million shares valued at N45.31 million.

Zenith Bank trailed with 45.45 million shares worth N988.96 million, while Guaranty Trust Bank sold 26.67 million shares valued at N856.17 million.

United Bank for Africa traded 17.36 million shares valued at N146.49 million, while FCMB Group accounted for 16.86 million shares worth N33.02 million. (NAN)