Nigeria stock market loses N70bn, amid losses by blue chips

By Chinyere Joel-Nwokeoma

The nation’s bourse returned to negative territory on Tuesday with the market capitalisation shedding N70 billion due to losses by some blue chips.

The market capitalisation was down 0.54 per cent to close at N12.858 trillion compared with N12. 928 trillion on Monday.

Also, the All-Share Index (ASI) dipped 133.45 points or 0.54 per cent to close at 24,650.16 against 24,783.61 recorded on Monday.

The downturn was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Seplat, Total, MTN Nigeria Communications (MTNN), Julius Berger and Guaranty Trust Bank.

Analysts at Afrinvest Limited believed the performance of the market this week would be largely  dictated by the trend in earnings released in the market.

Market breath remained negative with 14 gainers in contrast with 17 losers.

Total dominated the laggards’ chart in percentage terms, dropping by 9.95 per cent, to close at N87.80 per share.

Seplat came second with a loss of 9.82 per cent to close at N282, while NPF Microfinance Bank 7.75 per cent to close at N1.31 per share.

UACN shed 6.85 per cent to close at N6.80, while Julius Berger depreciated by 6.25 per cent to close at N15, per share.

Conversely, Berger Paints and Mutual Benefits Assurance led gainers’ chart in percentage terms, gaining10 per cent each, to close at N6.05 and 22k per share, respectively.

Unity Bank followed with a gain 8.77 per cent to close at 62k per share.

Okomu Oil improved by 6.31 per cent to close at N74.95, while Oando appreciated by 5.58 per cent to close at N2.27 per share.

Also, the volume of trade dropped by 11.53 per cent as investors bought and sold 150.39 million shares worth N1.98 billion exchanged in 3,780 deals.

This was in contrast with a total of 169.99 million shares valued at N2.39 billion achieved in 4,336 deals on Monday.

Transactions in the shares of Mutual Benefits Assurance topped the activity chart with 26.92 million shares worth N5.56 million.

FBN Holdings accounted for 17.04 million shares valued at N84.16 million, while Access Bank traded 11.24 million shares worth N69.79 million.

Lafarge Africa transacted 10.61 million shares valued at N130.78 million, while Guaranty Trust Bank transacted 8.45 million shares worth N190.44 million.