Investors lose 0.10% as equities market opens week on negative note
By Kayode Tokede
Activities in the equities market of the Nigerian Exchange Limited (NGX) on Monday resumed the week with 0.10 per cent decline following investors’ sentiment on the Banking, Insurance and Consumers Good sector.
Accordingly, the NGX All-Share Index (ASI) dropped by 37.45 basis points, representing a decline of 0.10 per cent, to close at 38,906.42 basis points. Similarly, the overall market capitalisation value dipped by N19.15 billion to close at N20.271 trillion.
The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are; Guaranty Trust Holding Company (GTCO), PZ Cussons Nigeria, Unilever Nigeria, Zenith Bank and Cutix.
For the week, analysts at United Capital Plc expected investor sentiment to remain weak amid a dearth of positive triggers.
Analysts at InvestmentOne Research, said “The equities market closed down today due to the losses recorded in the Banking and Consumer Goods sectors.
“Going forward, we expect investors’ sentiments to be swayed by the search for real positive returns and developments in the interest rate space. We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”
Analysts at Afrinvest Limited said, “We expect to see positive performance in subsequent trading sessions, driven by buying interest as investor sentiment builds up.”
However, the market breadth closed at par, recording 19 losers and 19 gainers. Consolidated Hallmark Insurance recorded the highest price gain of 9.62 per cent to close at 57 kobo, per share.
Chams Plc followed with a gain 9.52 per cent to close at 23 kobo, while Courteville Business Solutions went up by 6.90 per cent to close at 31 kobo, per share.
Wema Bank rose by 3.95 per cent to close at 79 kobo, while Nigerian Aviation Handling Company (NAHCO) gained 3.62 per cent to close at N3.15, per share.
On the other hand, SCOA Nigeria led the losers’ chart by 9.43 per cent to close at 96 kobo, per share. Veritas Kapital Assurance followed with a decline of 8.70 per cent to close at 21 kobo, while Linkage Assurance lost 6.56 per cent to close at 57 kobo, per share.
PZ Cussons Nigeria lost 5.98 per cent to close at N5.50, while Cornerstone Insurance shed 5.77 per cent to close at 49 kobo, per share.
The total volume of trades increased by 23.1 per cent to 190.960 million units, valued at NGN2.353 billion, and exchanged in 3,462 deals.
Transactions in the shares of Ekocorp Plc topped the activity chart with 40 million shares valued at N231.6 million.
United Bank for Africa (UBA) followed with 10.809 million shares worth N82.231 million, while Transnational Corporation of Nigeria traded 9.754 million shares valued at N8.910 million.
Sovereign Trust Insurance traded 9.644 million shares valued at N2.325 million, while Fidelity Bank transacted 9.248 million shares worth N22.187 million.
