Stock market opens negative, investors lose N449bn

The Nigerian stock market opened the week on a negative note, reversing the gains of previous sessions with a loss of N449 billion.

Specifically, the market capitalisation, which opened at N60.261 trillion, decreased by N449 billion, or 0.75 per cent, to close at N59.812 trillion.

Also, the All-Share Index dropped by 0.75 per cent, losing 740 points to close at 98,708.90, down from 99,448.91 recorded on Friday.

As a result, the Year-To-Date (YTD) return fell to 32.01 per cent.

The market’s decline was primarily driven by losses in several key stocks, including BUA Cement, Guaranty Trust Holding Company (GTCO), FBN Holdings, United Bank for Africa (UBA), UACN, African Prudential and International Breweries.

Market breadth closed negatively, with 28 losers and 18 gainers.

On the losers’ chart, BUA Cement led by N11 to close at N99, LASACO trailed by 28k to close at N2.58, while Daar Communications lost 6k to close at 58k per share.

Regency Alliance Insurance also declined by 5k to close at 51k, and Japaul Gold deprecated by 16k to close at N2.28 per share.

Conversely, Eunisell led the gainers’ chart by 35k to close at N3.85, Livestock Feed Plc followed by 34k to close at N3.75 per share.

Transnational Corporation also gained N4.40 to close at N48.60,RT Briscoe appreciated by 30k to close at N3.35, and Jaiz Bank added 22k to close at N2.59 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 52.22 per cent.

A total of 353.18 million shares valued at N4.55 billion were exchanged in 9,417 deals, compared with 460.86 million shares valued at N9.53 billion traded in 8,772 deals, posted previously.

Meanwhile, Chams led the activity chart in volume with 84.62 million shares, while UBA led in value of deals worth N790.18 million.