Nigerian stock market opens week with marginal loss

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Equities trading at the Nigerian Exchange Limited (NGX) on Monday was flat as the benchmark index shed one basis points to close at 49,676.75 basis points (bps).

Basically, the All Share Index (ASI) marginally dipped by 0.01 per cent to settle at 49,676.75bps as against its previous close of 49,682.15bps.

This outing fixed both the month-to-date and year-to-date performance of the All-Share Index at -1.38 per cent and 16.29 per cent from their previous close of -1.37 per cent and 16.31 per cent respectively.

Investors’net worth therefore waned by three billion naira as the market capitalisation followed suit the direction of the ASI to stand at N26.794 trillion, representing a 0.01 per cent decrease from the N26.797 trilloon it stood at the end of the previous trading session.

However, bulls’ camp maintain dominance over the market breadth with 18 counters in the gainers’ chart pitted against 9 counters in the losers’ chart.

On the chart, Transnational Express gained 9.52 per cent to become the best performing stock in the session, flanked by UPDCREIT, Multiverse, Vitafoam and Courtville as they populated the top five gainers’ chart. While from the rear of the chart, Caverton, John Holt, Japaul Gold, AIICO Insurance and Nigerian Breweries populated the top five losers’ chart.

Key sectorial indices closed in the same direction with the ASI, save for NGX Banking and NGX Lotus Islam sectors that gained 0.25 per cent and 0.02 per cent respectively in the session, while NGX Industry, NGX Growth and NGX ASEM sectors closed flat.

Market activity as measured by volume of trades inched up in the session with daily traded volume standing at 232.945 million units, representing 20.38 per cent uptick from a volume of 193.512 million units traded in the previous session.

Value of those traded stocks on the other hand dipped by 52.90 per cent in the session to stand at N2.186 billion as against a value of N4.641 billion recorded in the previous trading session.

Financial service sector dominated the volume charts with the Jaiz Bank as the top traded stock by volume for the trading session, followed by Access Corporation, FBN Holdings, Mutual Benefits and Zenith Bank to complete the list of the five most traded stocks by volume.

With regards to the value of traded stocks, Access Corporation took the lead of the top five performers. It is flanked by Zenith Bank, FBN Holdings, Guaranty Trust Holding Company and MTN Nigeria.