Investors lose N17.04bn to open week negative
By Kayode Tokede
The Nigerian Exchange Limited (NGX) equities market segment closed the first trading session for the week yesterday on a negative note to halt the two consecutive days of bullish sentiment, as All-Share Index declined by 0.08 per cent.
The downturn was buoyed by losses in all of the major market sector, save for consumer goods that grew 0.76 per cent.
In summary, the All-Share Index (ASI) declined by 32.64 absolute points, representing a lost of 0.08 per cent to close at 39,801.78 basis points, while the overall market capitalisation value lost N17.04billion to close at N20.830 trillion.
The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are; Lafarge Africa, MTN Nigeria Communication (MTNN), Zenith Bank, Sterling Bank and United Bank for Africa (UBA).
However, market breadth was positive, as 24 stocks gained, relative to 17 losers. Lasaco Assurance recorded the highest price gain of 9.86 per cent to close at N1.56, per share. Neimeth International Pharmaceuticals followed with a gain 9.83 per cent to close at N1.90, while International Breweries rose by 9.62 per cent to close at N5.70, per share.
Courteville Business Solutions rose by 8.70 per cent to close at 25 kobo, while Royal Exchange appreciated by 7.55 per cent to close at 57 kobo per share.
On the other hand, Linkage Assurance led the losers’ chart by 13.11 per cent to close at 53 kobo, per share.
Regency Alliance Insurance followed with a decline of 9.09 per cent to close at 30 kobo, while Consolidated Hallmark Insurance shed 7.69 per cent to close at 36 kobo, per share.
Sterling Bank declined by 7.50 per cent to close at N1.48, while Lafarge Africa depreciated by 5.20 per cent to close at N20.05, per share.
Meanwhile, the total volume traded increased by 30 per cent to 426.508 million units, valued at N4.654 billion and exchanged in 5,616 deals.
Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 79.603 million shares valued at N574.979 million.
Access Bank followed with 64.847 million shares worth N479.038 million, while Zenith Bank traded 58.004 million shares valued at N1.282 billion.
Lafarge Africa traded 28.674 million shares valued at N627.916 million, while FCMB Group transacted 25.725 million shares worth N74.689 million.
On market performance for this week, analysts at United Capital Plc said that “Following the bullish reaction to the series of first quarter (Q1) solid earnings releases, we expect the dust in the market to settle this week as market participants buy the dip on attractive names at discounted valuations and book profits on overstretched tickers as rising fixed income yields continue to weigh on investor sentiment.”
