Nigerian stock market resumes week with N54bn loss

The Nigerian equities market began trading for the week on Monday still on negative mood with 0.27 per cent loss due to renewed profit taking.

Specifically, the All-Share Index which opened for the week at 38,648.91 shed 103.61 points or 0.27 per cent to close at 38,545.30.

Accordingly, month-to-date gain moderated to 0.3 per cent, while year-to-date loss increased to 4.3 per cent.

In the same vein, the market capitalisation lost N54 billion or 0.27 per cent to close at N20.089 trillion from N20.143 trillion achieved on Friday.

The market loss was driven by price depreciation in large and medium capitalised stocks, amongst which are Fidson Healthcare, Lasaco Assurance, Oando, Ecobank Transnational Incorporated and Dangote Sugar Refinery.

However, the market sentiment, as measured by market breadth, was positive with 18 gainers against 17 laggards.

Meyer drove the gainers’ table in percentage terms with 8.77 per cent to close at 62k per share.

Champion Breweries trailed with 6.06 per cent to close at N2.10, while Julius Berger improved by 4.71 per cent to close at N20 per share.

Regency Alliance Insurance rose by four per cent to close at 52k, while Ikeja Hotel gained 3.19 per cent to close at 97k per share.

Conversely, Fidson Healthcare led the losers’ chart in percentage terms, dropping 9.80 per cent to close at N4.60 per share.

Lasaco Assurance came second with 9.33 per cent to close at N1.36, while FTN Cocoa Processors lost 9.09 per cent to close at 30k per share.

Mutual Benefits Assurance dipped 8.89 per cent to close at 41k, while Cornerstone Insurance shed 5.17 per cent to close at 55k per share.

The total volume of shares transacted declined by 5.18 per cent with an exchange of 209.21 million shares valued at N1.76 billion in 3,390 deals.

This was in contrast with 220.64 million shares worth N2.53 billion traded in 2,952 deals on Friday.

Transactions in the shares of Access Bank topped the activity chart with 22.72 million shares valued at N193.99 million.

AXA Mansard Insurance followed with 16.70 million shares worth N15.05 million, while Zenith Bank traded 16.15 million shares valued at N384.58 million.

Mutual Benefits Assurance sold 14.69 million shares worth N6.04 million, while Chams transacted 13.48 million shares worth N2.70 million.