Stock market opens bearish, investors lose N123bn

The Nigerian stock market opened with its bearish momentum on Monday to record N123 billion loss.

Selloffs in Tier-one banking stocks namely, Guaranty Trust Holding Company(GTCO), Zenith Bank and FBN Holdings, underpinned the market’s weak performance.

The market capitalisation, which opened at N59.292 trillion, shed N123 billion or 0.21 per cent to close at N59.169 trillion.

The All-Share Index also lost 0.21 per cent or 203 points, to close at 97,626.27, against 97,829.02 recorded on Friday.

Consequently, the Year-To-Date (YTD) return decreased to 30.56 per cent.

Market breadth also closed negative with 30 losers and 29 gainers.

Secure Electronic Technology Plc led the losers’ log by 9.84 per cent to close at 55k, Daar Communications trailed by 9.68 per cent to close at 56k per share.

Austin Laz & Company dropped 9.40 per cent to close at N2.41,Guinea Insurance declined by 9.09 per cent to close at 50k, while LASACO Assurance lost 8.63 per cent to close at N2.33 per cent.

On the gainers’ log, Haldane McCall led by 10 per cent to close at N5.61, Sunu Assurances followed by 9.81 per cent to close at N3.47 per share.

NCR Nigeria added 9.72 per cent to close at N4.74, Sovereign Trust Insurance advanced by 9.52 per cent to close at 69k and Tantalizers went up by 9.32 per cent to close at N1.29 per share.

However, market activities ended with trade turnover up 75.37 per cent.

A total of 671.26 million shares valued at N10.64 billion were exchanged in 10,464 deals, compared with 366.62 million shares valued at N6.07 billion traded in 9,677 deals, posted previously.

FBN Holdings led the activity log in volume and value with 245.25 million shares worth N6.23 billion.

In a prediction of the market performance for the week, analysts at Cowry Asset Management Ltd. posited that the market is likely to trade in mixed directions.

Analysts explained that this would be as a result of investors’ reaction to the anticipated decisions from the MPC, which would shape interest rate expectations and broader investment strategies.

They also noted that as November trading dropped, while the market could see positioning for December’s traditional window-dressing activities by fund managers.

They said: “This presents opportunities for discerning investors to take strategic positions in fundamentally sound and resilient stocks.

“Meanwhile, we continue to recommend that investors focus on equities with strong fundamentals and robust growth prospects to navigate the prevailing macroeconomic uncertainties.