Equities market dips by -0.06% to open week negative

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Story by Kayode Tokede and Olabode Jegede

Equities market of the Nigerian Stock Exchange (NSE) opened the week on a negative note as investors apathy was a cautious proportion.

The equities market dropped by 0.06per cent to close at 31,125.39basis points on Monday from 31,142.72 basis points it opened for trading this week.

This brings Year-Till-Date (YTD) performance at -0.97 per cent.

The market capitalisation followed suit to close at N11.607 trillion from N11.614 trillion, dropping by 0.06 per cent or N7 billion.

However, the financial sector YTD remains the positive region alongside Industrial sector. This is evident as financial sector retains dominance as the most active sector by volume and value, driven by transactions in Zenith Bank Plc, Access Bank Plc and United Bank for Africa Plc.

Access Bank on Monday reported 56 million volume of transactions, followed by Zenith Bank that recorded 27.57 million worth of transactions on Monday. UBA recorded 22.6 million volume of transactions.

Meanwhile, Zenith Bank top others in value of transactions on Monday, trading N603.65 million of transaction.

Transactions level by volume dropped by 1.86 per cent. Similarly, value declined by 42.16 per cent relative to last week trading levels depicting low activity in the equities market on Monday relative to previous trading activity level.

However, we can only be optimistic about the direction of the market this week.

Sector indices closed positive on Monday, as for NSE industrial index and NSE consumers good owing to bargain hunting in Dangote Flour as it also found it way amongst most active stock traded in value on Monday.

Specifically, The NSE Industrial index appreciated by 0.03 per cent to close on Monday at 1,240.87 basis points from 1,240.46 basis points while NSE consumers good appreciated by 0.11 per cent to 721.08 basis points from 720.32 basis points the market closed on Friday.

Despite the increase value and volume traded on banks shares, NSE banking Index slump by -0.23 per cent to 399.56 basis points on Monday from  400.48 basis points the closed last week.

On the gainers chart, Dangote Flour leads others after gaining 7.35 per cent to close at 10.95 from 10.20 while Union Diagnostic rose by 7.14 per cent to N0.30 from N0.22.

On the losers’ side, Ikeja Hotel top the chart, dropping 9.66 per cent from N2.07 to N1.87. Cutix Plc also dropped by 8.89 per cent to N2.05 from N2.25.

Downward trend persists amidst good fundamentals. This is unconnected to low foreign participation as foreign investors take a watch posit in anticipation of new government economic reforms.

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