Nigeria Update: Stock market opens September with N4b losses

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Nigeria Update: Stock market opens September with N4b losses

Equity transactions on the floor of the Nigeria Stock Exchange (NSE), reopened September trading on a downward note yesterday, as most highly capitalised stocks recorded price depreciation, causing market capitalisation to plunge by N4 billion.

Yesterday, the All-Share Index (NSE-ASI) declined by 10.95 absolute points, representing a decline of 0.03 per cent to close at 34,837.50 points. Also, the market capitalisation declined by N4 billion to close at N12.718 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Guinness Nigeria, Nigerian Breweries, Flourmills Nigeria, Dangote Sugar, and Oando.

Analysts at GTI said: “We encourage investors to trade cautiously in the short term amidst continued profit-taking. However, our positive view in the medium-to-long term is hinged on the strong macro-economic outlook for the country, and the renewed interest in the Nigerian market by major economies.”

Market breadth closed with 18 gainers and 19 losers. Consolidated Hallmark Insurance recorded the highest price gain of 10 per cent to close at 33 kobo per share.

Aiico Insurance followed with a gain of 9.76 per cent to close at 90 kobo, while Continental Reinsurance appreciated by 9.49 per cent to close at N1.50 per share.
NPF Microfinance Bank rose 8.97 per cent to close at N1.58, while Wapic Insurance was up 8.33 per cent to close at 39 kobo per share.

On the other hand, Jaiz Bank led the losers’ chart by 10 per cent, to close at 45 kobo per share. Flourmills Nigeria followed with a decline of 9.67 per cent to close at N21.95 per share.

Transnational Corporation of Nigeria (Transcorp) depreciated by 7.94 per cent to close at N1.16, per share. Prestige Assurance declined 7.69 per cent to close at 48 kobo, and Veritas Kapital Assurance shed 6.90 per cent to close at 27 kobo per share.

Also, total volume traded fell by 65.8 per cent to 131.53 million shares worth N3.13 billion, traded in 3,080 deals. Transactions in the shares of Nigerian Breweries topped the activity chart with 19.13 million shares valued at N1.82 billion.

StanbicIBTC Holdings followed with 11.81 million shares worth N556.59 million, while Aiico Insurance traded 11.24 million shares valued at N10.1 million.

United Bank for Africa (UBA) traded 10.75 million shares at N86.15 million, while NEM Insurance transacted 7.27 million shares worth N24.6 million.

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