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NGX opens week bearish, down by N51bn



NSE maintain bearish trend despite listing of Ellah Lakes additional shares

The nation’s bourse market resumed the week on a bearish mood to halt the bullish sentiment of two consecutive trading sessions with the market capitalisation losing N51 billion.

Specifically, the market capitalisation shed N51 billion or 0.25 per cent on Monday to close at N20.248 trillion against N20.299 trillion on Friday.

Also, the All-Share Index dipped 97.95 points or 0.25 per cent to close at 38,864.33 from 38,962.28 posted on Friday.

Accordingly, month-to-date and year-to-date losses increased to 0.9 per cent and 3.5 per cent, respectively.

The downturn was buoyed by investors’ sell-sentiment on the insurance and industrial goods sector.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; BUA Cement, AXA Mansard Insurance, Guaranty Trust Holding Company (GTCO), Zenith Bank and United Bank for Africa.

This week, analysts at GTI Securities Limited expect positive sentiment as expectation increases toward the compilation of third quarter financial reports.

“Furthermore, investors will also track yield movement in the fixed income market,” the analysts say.

However, the market breadth closed positive, recording 20 gainers in contrast with 12 losers.

University Press led the gainers’ chart in percentage terms with 9.80 per cent to close at N1.12 per share.

Transcorp Hotel followed with 9.70 per cent to close at N5.43, while Courteville Business Solutions rose by 9.38 per cent to close at 35k per share.

Oando rose by 6.07 per cent to close at N5.24, while Cutix Plc gained 5.38 per cent to close at N4.90, per share.

On the other hand, AXA Mansard led the losers’ chart in percentage terms by 9.94 per cent to close at N2.99 per share.

Chams followed with 4.35 per cent to close at 22k, while Sovereign Trust Insurance lost four per cent to close at 24k per share.

Mutual Benefits Assurance lost 3.33 per cent to close at 29k, while BUA Cement shed 2.94 per cent to close at N66 per share.

In all, the total volume of trades decreased by 77.99 per cent to 139.45 million units valued at N1.71 billion exchanged in 3,539 deals.

This was in contrast with a turnover of 633.52 million shares worth N6.45 billion transacted in 3,228 deals on Friday.

Transactions in the shares of Sovereign Trust Insurance topped the activity chart with 19.079 million shares valued at N4.39 million.

Fidelity Bank followed with 11.85 million shares worth N29.01 million, while GTCO traded 11.15 million shares valued at N307.08 million.

Transcorp sold 10.05 million shares worth N9.30 million, while Courteville Business Solutions transacted 7.95 million shares valued at N2.68 million.

Chinyere Joel-nwokeoma

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