NSE: Market opens on bearish note, down 0.74%

The Nigerian equities market resumed trading week on Monday with a loss of 0.74 per cent, following losses achieved by medium and large equities.

Specifically, the All Share Index (ASI) shed 204.68 points or 0.74 per cent to close at 27,574.32 against 27,779.000 achieved on Friday.

Similarly, investors net worth dipped by N90 billion in value as market capitalisation declined to N13.423 trillion against N13.522 trillion on Friday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Airtel Africa, Chemical and Allied Products (CAP), Cement Company of Northern Nigeria (CCNN), Dangote Cement and Unilever Nigeria.

Reviewing the market performance, analysts at Afrinvest Limited said, “In line with the trend, we expect the bearish performance to continue in the absence of any positive driver.

“Nevertheless, we do not rule out the possibility of bargain hunting activities driving positive performance in subsequent sessions.”

However, market breadth closed positive, with 25 gainers compared with 13 losers.

Unity Bank and Airtel Africa led the losers’ chart in percentage terms, dropping 10 per cent each to close at 63k and N315 per share, respectively.

Chams followed with a decline of 7.69 per cent to close at 24k per share.

Initiates dropped 6.67 per cent to close at 70k, while CAP shed 6.06 per cent to close at N23.25 per share.

Conversely, Cornerstone Insurance recorded the highest price gain of 10 per cent, to close at 33k per share.

NEM Insurance followed with 9.55 per cent to close at N1.95, while Okomu Oil grew by 9.30 per cent to close at N53.90 per share.

Cadbury Nigeria rose by 8.37 per cent to close at N11.65, while Livestock Feeds appreciated by 7.69 per cent to close at 42k, per share.

In spite of the drop in market indices, the total volume of shares traded rose by 62.4 per cent with an exchange of 271.24 million shares valued at N2.91 billion traded in 4,795 deals.

This was against 165.34 million shares valued at N2.621 billion traded in 3270 deals on Friday.

FBN Holdings topped the activity chart with 56.58 million shares valued at N309.25 million.

Guaranty Trust Bank followed with 25.93 million shares worth N731.45 million, while Access Bank traded 15.89 million shares valued at N118.55 million.

Zenith Bank traded 15.75 million shares valued at N306.36 million, while Fidelity Bank transacted 14.77 million shares worth N26.33 million.