Investors lose N20.69bn to open week negative
By Kayode Tokede
Transactions on the Nigerian Exchange Limited (NGX) on Monday began the week on a negative note with investors investment dropping by N20.69billion.
Capital market analysts attributed the bearish sentiment to investors’ sell-off interest in medium and large capitalised stocks amidst, rise in the yield of Federal Government of Nigeria (FGN) June savings bond.
In summary, the All-Share Index (ASI) dropped by 39.70 basis points, representing a decline of 0.10 per cent to close at 38,686.40 basis points. While the overall market capitalisation value lost N20.69 billion to close at N20.164 trillion.
Sectoral performance was broadly negative as the Insurance (-1.3per cent), Banking (-0.9per cent), Consumer Goods (-0.1per cent) and Industrial Goods (-0.1per cent) indices declined. On the other hand, the Oil & Gas (+0.3per cent) index was the lone gainer.
The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are; Guaranty Trust Bank, Unilever Nigeria, Lafarge Africa, Union Bank of Nigeria (UBN) and FCMG Group.
Market performance for this week, analysts at United Capital Plc said “We expect negative sentiments to dominate the equities market as knee-jerk reactions to the FG’s decision to suspend the operations of Twitter in Nigeria kicks in. That said, we think the possible dips created by sell pressures may present decent entry points for buy orders.”
Market sentiment, as measured by market breadth, closed negative as 13 stocks gained, relative to 28 losers. Morison Industries recorded the highest price gain of 9.73 per cent to close at N1.24, per share. Conoil followed with a gain 9.63 per cent to close at N20.50 and Veritas Kapital Assurance rose by 8.33 per cent to close at 26 kobo, per share.
Africa Prudential appreciated by 7.63 per cent to close at N6.35, while Royal Exchange gained 6.94 per cent to close at 77 kobo, per share. On the other hand, Juli Plc led the losers’ chart by 9.93 per cent to close at N1.36, per share. Computer Warehouse Group followed with a decline of 9.80 per cent to close at N1.38, while Japaul Gold and Ventures shed 8.47 per cent to close at 54 kobo, per share.
Honeywell Flour Mill shed 5.69 per cent to close at N1.16, while FCMB Group depreciated by 4.55 per cent to close at N3.15, per share.
However, the total volume of trades rose by 5.9 per cent to 210.752 million units, valued at N1.450 billion, and exchanged in 3,958 deals.Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 16.4640 million shares valued at N121.039 million. Wapic Insurance followed with 16.476 million shares worth N9.062 million, while Chams traded 16.232 million shares valued at N3.318 million.
Zenith Bank traded 15.944 million shares valued at N365.897 million, while Japaul Gold and Ventures transacted 13.175 million shares worth N7.164 million.
