Equity market drops by 0.35%

By Chinyere Joel-Nwokeoma

Transactions resumed on the Nigerian Stock Exchange (NSE) on Monday still on a negative posture with the market indices sliding by 0.35 per cent due to poor liquidity.

The News Agency of Nigeria (NAN) reports that the market capitalisation downgraded by N33 billion to close at N9.255 trillion in contrast with N9.288 trillion achieved on Friday.

Similarly, the All-Share Index which opened at 26,981.60 shed 94.06 points or 0.35 per cent to close at 26,887.54.

Market analysts attributed the persistent downward trend in the market to poor liquidity and uncertainties in the economy.

They stated that persistent profit taking by investors to address pressing needs and exit of foreign investors in the market contributed to the development.

NAN reports that Unilever recorded the highest price loss to lead the losers’ chart, dropping by N1.50 to close at N48.50 per share.

CAP trailed with a loss of N1.35 to close at N32.40 and Guaranty Trust Bank shed 71k to close at N21.86 per share.

CCNN was down by 29k to close at N4.94, while Mansard Insurance depreciated by 9k to close at N1.89 per share.

Conversely, Guinness topped the gainers’ table, growing by N2 to close at N86 per share.

Eterna followed with a gain of 29k to close at N3.22 and Air Service appreciated by 12k to close at N2.66 per share.

Ikeja Hotel improved by 8k to close at N1.78, while Livestock advanced by 6k to close at 79k per share.

NAN also reports that analysis of the activity chart indicated that United Bank for Africa emerged the most active in volume terms, having accounted for 21.49 million shares worth N91.71 million.

It was followed by GT Bank with an exchange of 17.75 million shares valued at N393.25 million and Zenith International Bank sold 11.72 million shares worth N173.49 million.

FBN Holdings exchanged 10.53 million shares valued at N31.92 million, while FCMB Group sold 9.70 million shares worth N10.63 million.

In all, investors staked N1.16 billion on 115.04 million shares transacted in 2,963 deals against 151.85 million shares worth N1.21 billion achieved in 2,902 deals on Friday.