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Down turn hit Nigerian bourse, capitalisation dips

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The Nigerian bourse opened the week with a loss, as market capitalisation shed N47 billion to close at N28.634 trillion from 28.681 trillion posted on Friday.

Similarly, the All-Share Index (ASI) dropped by 0.16 per cent to close at 53.113 points from 53.201 points recorded on Friday.

The downturn was due to extended selloffs in Tier-1 banks such as Zenith Bank Guaranty Trust Holding Company (GTCo) Stanbic Bank STANBIC and WAPCO.

Consequently, the year-to-date (YTD) return fell to 24.34 per cent.

Overall, eight stocks declined while 25 others appreciated.

Learn Africa recorded the highest price gain of 9.72 per cent to close at N2.37 per share.

Sunu Assurance followed with a gain of 9.38per cent to close at 35k per share, while WAPIC rose by five per cent to close at 42k per share.

Sterling Bank rose by 1.97 per cent to close at N1.97 while CornerStone Insurance gained 1.64 per cent to close at 62k per share.

On the other hand, CAP led the losers’ chart by 9.93 per cent to close at N18.15 per share.

Caverton and Livestock depreciated by 7.83 per cent and 6.25 per cent each to close at N1.06 and N1.50 per share, respectively.

Transcorp followed with a decline of 5.07 per cent to close at N1.31 per share while Champion Breweries lost 4.63 per cent to close at N3.50 per share.

Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions advancing by 17.11 per cent.

A total of 300 million units of shares valued at N3.1 billion were traded in 5,394 deals.

First City Monument Bank (FCMB) led the volume charts as the top traded stock by volume for the trading session with 52.08 million shares valued N182.27 billion.

United Bank for Africa (UBA) followed with 47.71 million shares worth N365.35 million, while Transcorp traded 39.34 million shares valued N52.23 million.

AccessCorp traded 30.19 million shares valued N293.98 million, while GTCO transacted 20.42 million shares worth N446.15 million.

stock-market

Bourse records N4bn growth

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The Nigerian Stock Exchange (NSE) market indices on Tuesday recorded a marginal growth of 0.03 per cent following gains by Zenith Bank and 22 other equities.

Specifically, the market capitalisation which opened at N14.979 trillion inched higher by four billion naira or 0.03 per cent to close at N14.983 trillion.

Also, the All-Share Index rose by 17.51 points or 0.03 per cent to close at 28,665.82 from 28,658.31 achieved on Monday.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which include the Nigerian Breweries, Flour Mills, International Breweries, Julius Berger and UACN.

Speaking on the effects of the protests and curfew on the market, Mr Ambrose Omordion, the Chief Operating Officer of InvestData Ltd., said that the curfew would support market uptrend as players weigh earnings reports against EndSARS tension.

Omordion said that government needs to revisit economic policies, change implementation and leadership style to boost confidence.

He noted that economic meltdown caused by COVID-19 had exposed a lot of things with agitation here and there.

Market sentiment remained positive with 23 gainers and 17 losers.

International Breweries led the gainers’ chart in percentage terms, improving by 9.90 per cent to close at N6.44 per share.

United Capital followed with 8.17 per cent to close at N3.84, while Nigerian Breweries rose by 4.67 per cent to close at N51.50 per share.

Flour Mills grew by 4.55 per cent to close at N23, while UACN appreciated by 4.48 per cent to close at N7 per share.

On the other hand, Regency Alliance Insurance dominated the laggards’ chart in percentage terms, losing 8.33 per cent to close at 22k per share.

Cornerstone trailed with 4.76 per cent, to close at 60k, while PZ Cussons Nigeria shed 4.65 per cent to close at N4.10 per share.

Mobil Nigeria lost 4.60 per cent to close at N178.30, while AIICO shed 4.49 per cent to close at 85k per share.

Also, the total volume traded rose by 3.48 per cent as investors bought and sold 297.31 million shares worth N2.93 billion achieved in 4,736 deals.

This was in contrast with a total of 286.30 million shares valued at N3.39 billion exchanged in 5,132 deals on Monday.

Transactions in the shares of United Bank for Africa topped the activity chart with 72.43 million shares valued at N506.80 million.

Zenith Bank sold 27.16 million shares worth N568.21 million, while UACN traded 22.19 million shares valued at N149.44 million.

Access Bank accounted for 21.77 million shares worth N170.54 million, while Mutual Benefits Assurance transacted 19.70 million shares valued at N3.94 million.