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Investors Lose N155bn as Equities Market Closes Week Negative

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The market capitalisation of Nigerian Stock Exchange (NSE) on Friday lost N155 billion amid increased profit-taking to close the week negative.

Specifically, the market capitalisation, which opened for trading on Friday at N20.978 trillion, lost N155 billion or 0.74 per cent to close at N20.823 trillion.

Similarly, the All-Share Index shed 295.60 basis points or 0.74 per cent to close at 39,799.89 basis points from 40,095.49 basis points achieved on Thursday.

Sector performances showed that while Banking (-0.48 per cent), Consumer Goods (-0.40 per cent) and Industrial (-0.19 per cent) sectors all closed in red, Oil & Gas (+0.25 per cent) sector closed flat.

An analysis of the price movement shows that Wema Bank topped the losers’ chart, dropping by 10 per cent or 7k to close at 63k per share.

Champion Breweries came second with a loss of 10 per cent or 28k to close at N2.52, while Sunu Assurance dipped 9.59 per cent or 7k to close at 66k per share.

Africa Prudential lost 5.74 per cent or 35k to close at N5.75, while Mansard Insurance declined by 5.36 per cent or 6k to close at N1.06 per share.

On the other hand, Lasaco Insurance led the gainers’ table in percentage terms, growing by 9.82 per cent or 11k to close at N1.23 per share.

Mutual Benefit followed with 8.11 per cent or 3k to close at 40k, while Courtville gained 5 per cent or 1k to close at 21k per share.

Oando added 2.99 per cent or 10k to close at N3.45, while NAHCO increased by 2.70 per cent or 6k to close at N2.28 per share.

A breakdown of the activity chart shows that Wema Bank was the most active stock, exchanging 304.53 million shares valued at N197.27 million.

FBN Holdings followed with an account of 30.75 million shares worth N226.05 million, while Zenith Bank sold 26.61 million shares valued at N677.41 million.

Transcorp sold a total of 22.93 million shares worth N20.68 million, while United Capital exchanged 17.15 million shares valued at N104.61 million.

In all, investors traded 507.25 million shares worth N2.44 billion in 4,465 deals.

This was against a total of 326.04 million shares valued at N3.72 billion in 4,567 deals on Thursday.

Analysts at Investment One research added that, “The equities market closed down today due to the losses recorded in most sectors. Going forward, we expect investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space. We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”

 

 

 

 

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