Investors lose N78.53bn to open week negative

By Kayode Tokede

The Nigerian stock market on Tuesday commenced the new week on a bearish note as the index fell by 0.39 per cent or N78.53billion.

Investors came back from a short Easter break to extend the persistent bearish run the market has been experiencing into the fourth trading session.

The All-Share Index (ASI) declined by 150.13 basis points, representing a decrease of 0.39 per cent to close at 38,766.61 basis points. While the overall market capitalisation value lost N78.53 billion to close at N20.283 trillion.

Sectoral performance was broadly negative, following declines across the Banking (-1.7 per cent), Insurance (-0.5 per cent), Industrial (-0.5 per cent), Consumer Goods (-0.4 per cent) and Oil & Gas (-0.1per cent) indices.

The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are; Guinness Nigeria, MRS Oil Nigeria, Guaranty Trust Bank, BUA Cement and Aluminium Extrusion Industries.

For the week, United Capital Plc said “We retain a mid-term bearish outlook on the market particularly as the ASI struggled to hold above the 39,000 points support in the prior week. We expect sustained reversal in yields to remain a threat to any form of a sustained rebound in the equities market.”

As measured by market breadth, market sentiment turned negative, as 21 stocks lost relative to 14 gainers. Eterna Plc recorded the highest price gain of 9.91 per cent to close at N5.99, per share. Linkage Assurance followed with a gain 9.72 per cent to close at 79 kobo and Royal Exchange rose by 9.09 per cent to close at 36 kobo, per share.

Japaul Gold and Ventures appreciated by 8.89 per cent to close at 49 kobo, while FCMB Group gained 4.59 per cent to close at N2.96, per share. On the other hand, MRS Oil Nigeria led the losers’ chart by 9.92 per cent to close at N10.90, per share. Aluminium Extrusion Industries  followed with a decline of 9.88 per cent to close at N7.30, while Consolidated Hallmark Insurance shed 9.38 per cent to close at 29 kobo,  per share.

Sterling Bank shed 8.65 per cent to close at N1.69, while Guinness Nigeria  depreciated by 8.08 per cent to close at N33.00, per share.

Also, the total volume of trades declined by 6.19 per cent to 224.594 million units, valued at N2.143 billion, and exchanged in 4,675 deals. Transactions in the shares of UAC of Nigeria (UACN) topped the activity chart with 34.049 million shares valued at N337.607 million. Access Bank  followed with 26.347 million shares worth N214.930 million, while FBN Holdings (FBNH) traded 18.932 million shares valued at N137.435 million.

Zenith Bank traded 16.587 million shares valued at N364.335 million, while Fidelity  Bank transacted 15.305 million shares worth N39.151 million.