Stock Market Slips by 0.14% to Commence Week on Negative Note

Kayode Tokede

The stock market of the Nigerian Exchange Limited (NGX) yesterday opened the week on a negative note, reversing prior session gains as the All-Share Index depreciated by 0.14 per cent.

The NGX All-Share Index (ASI) decreased by 69.41 basis points or 0.14 per cent to close at 49,625.71 basis points. Similarly, the overall market capitalisation size shed N38 billion to close at N26.767 trillion.

Consequently, the year-to-date (YTD) return fell to 16.18per cent.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Beta Glass, Lafarge Africa, NEM Insurance, FBN Holdings (FBNH) and Fidelity Bank.

As measured by market breadth, market sentiment closed at par, recording both 13 gainers and losers. Multiverse Mining and Exploration recorded the highest price gain of 9.32 per cent to close at N2.58, per share.

FTN Cocoa processors followed with a gain 6.67 per cent to close at 32 kobo, while Chams Plc up by 6.45 per cent to close at 33 kobo, per share.
Academy Press went up by 4.76 per cent to close at N2.20, while Regency Alliance Insurance rose by 4.17 per cent to close at 25 kobo, per share.
On the other hand, Beta Glass led the losers’ chart by 9.96 per cent, to close at N46.10, per share. NEM Insurance followed with a decline of 7.96 per cent to close at N5.20, while Japaul Gold & Ventures fell by 6.90 per cent to close at 27 kobo, per share.

Fidelity Bank went down by 6.58 to close at N3.41, while FCMB Group shed 5.71 per cent to close at N3.30, per share.

Meanwhile, the total volume traded declined by 72.86 per cent to 86.594 million units valued at N1.170 billion and exchanged in 3,377 deals.

Transactions in the shares of Guaranty Trust Holing Company (GTCO) topped the activity chart with 19.471 million shares valued at N385.589 million.

Sterling Bank followed with 6.213 million shares worth N9.351 million, while Zenith Bank traded 5.915 million shares valued at N118.676 million.
Fidelity Bank traded 5.829 million shares valued at N20.022 million, while Chams transacted 5.634 million shares worth N1.868 million.

Analysts at United Capital Plc said,  “looking ahead, we expect market activity to remain quiet, as investors would stay on the sidelines following the continued hike in Nigerian Treasury Bills (NT-Bills)  stop rates.”