Nigeria’s stock market opens week with N55bn loss

News Agency Of Nigeria

July 14, 2020 9:43 AM

The nation’s bourse resumed transactions for the week on Monday with a loss of N55 billion following sell pressure in some blue chips.

Nigeria’s stock market opens week with N55bn loss. REUTERS/Akintunde Akinleye

Specifically, the market capitalisation which opened at N12.679 trillion lost N55 billion to close at N12.624 trillion.

Also, the All-Share Index (ASI) dipped 105.76 points or 0.44 per cent to close at 24,200.60 compared with 24,306.36 achieved on Friday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Mobil, MTN Nigeria Communications, Zenith Bank, Guaranty Trust Bank and Eterna.

This week, United Capital Plc expected investors to remain cautious in the equity market, as second quarter (Q2), 2020 earnings season appears on the horizon.

Analysts at Afrinvest Limited also expected bargain hunting activity to resurface this week given that the equities market remains fairly attractive.

Also, analysts at APT Securities and Funds Limited advised investors to take advantage of the bearish outlook and position for mid to long term as daily position change is not foreseen yet as market technical are down at this time.

Consequently, the market breadth closed negative, recording 14 gainers in contrast with 17 losers.

NPF Microfinance Bank recorded the highest price gain of 10 per cent to close at N1.32, per share.

Mobil Nigeria led the losers’ chart in percentage terms by 9.71 per cent, to close at N173.40, per share.

Chams trailed with a decline of 8.33 per cent to close at 22k, while Eterna shed 6.70 per cent to close at N2.09, per share.

Wapic Insurance lost by 5.71 per cent to close at 33k, while Transcorp dropped 4.62 per cent to close at 62k, per share.

Conversely, Neimeth International Pharmaceuticals topped the gainers’ chart in percentage terms with 9.35 per cent to close at N1.52 per share.

Linkage Assurance came second with 8.51 per cent to close at 51k, per share.

Associated Bus Company improved by 7.84 per cent to close at 55k, while Caverton rose by 7.73 per cent to close at N1.95, per share.

Meanwhile, the total volume of trades increased by 75.67 per cent as investors bought and sold 231.24 million shares, valued at N2.16 billion and exchanged in 3,950 deals.

This was in contrast with a turnover of 131.63 million shares worth N899.49 million in 3,044 deals on Friday.

Transactions in the shares of Sterling Bank topped the activity chart with 77.55 million shares valued at N96.77 million.

FCMB Group followed with 33.28 million shares worth N63.21 million, while Fidelity Bank traded 27.06 million shares valued at N48.18 million.

Guaranty Trust Bank traded 9.75 million shares valued at N215.02 million, while MTN transacted 9.73 million shares worth N1.13 billion.

News Agency Of Nigeria