Nigerian stocks open with loss of N15.1b

Nigerian equities reopened on Monday with a tinge of bargain-hunting with improved premium orders for several stocks. Losses by highly capitalised stocks in the banking and industrial goods sectors however overshadowed the market situation.

With 18 gainers to 14 losers, losses by large-cap stocks weighed on overall benchmark indices, dragging the market to average decline of 0.1 per cent, equivalent to net capital depreciation of N15.1 billion.

The All Share Index (ASI) – the benchmark value index that tracks share prices at the Nigerian Stock Exchange (NSE) declined from its opening index of 22,733.35 points to close at 22,705.19 points. Aggregate market value of all quoted equities also dropped from N11.847 trillion to close at N11.832 trillion.

With these, the average year-to-date return worsened to -15.4 per cent. Investors have so far this month lost 13.4 per cent on the average.

Sectoral indices showed mixed performance, underling the increased bargain-hunting for value stocks. The NSE Insurance Index appreciated by 1.3 per cent while the NSE Banking Index rose by 0.6 per cent. However, the NSE Industrial Goods Index declined by 0.5 per cent. The NSE Consumer Goods Index dropped by 0.2 per cent while the NSE Oil & Gas Index closed almost flat.

ALSO READ:  Chinese doctors may worsen our woes, Labour warns

The momentum of activities also slowed down with a decline of 24.8 per cent in turnover to 551.48 million shares valued at N5.76 billion in 6,981 deals. Guaranty Trust Bank was the most active stock with a turnover of 137.23 million shares worth N2.61 billion. Lafarge Africa recorded the highest loss of 65 kobo to close at N10 while Julius Berger Nigeria posted the highest gain of N1.95 to close at N22.15 per share.

“This week, we expect a mixed performance in the domestic equities market, to be driven by a risk-off sentiment and bargain hunting activities,” Afrinvest Securities stated.

Check Also

18 Anambra children unclaimed two years after rescue –Police

The Anambra State Police Command, on Wednesday, said no fewer than 18 children it rescued …

Insecurity in Yorubaland: Alaafin writes Buhari

Yoruba Question in Nigeria Conundrum Your Excellency, I have never been timid or shy of …

Ondo farmers, forest guards, drivers protest, back Akeredolu

Scores of farmers, forest guards and the members of the National Union of Road Transport …

Leave a Comment