Stock market reopens bearish, indices down by N6 billion

Following price losses suffered by most blue chip stocks, transactions on the equity sector of the Nigerian Stock Exchange reopened on a downward note yesterday, as market capitalisation depreciated marginally by N6 billion.

Specifically, at the close of transactions yesterday, the All Share Index (ASI) shed 15.13 absolute points, representing  0.05 per cent decline to close at 29,196.87 points. Similarly, the market capitalisation shed N6 billion to close at N10.973 trillion.

Yesterday’s decline was due to losses in medium and large capitalised stocks, among which are, Mobil Nigeria, Cement Company of Northern Nigeria (CCNN), Guaranty Trust Bank, UACN Property Development Co and Ikeja Hotel.

Analysts at United Capital Limited noted that “looking ahead, we expect activities in the local bourse to remain tepid in absence of positive triggers that could spur massive buying interest. However, we do not rule out the possibility of intermittent gains in the market on the backdrop of bargain hunting of stocks with relatively cheap prices.”

Market breadth closed parallel at 14 points on both sides of the charts. NEM Insurance recorded the highest price gain of 9.95 per cent, to close at N2.43, while Courteville Business Solutions followed with a gain of 9.09 per cent, to close at 24 kobo, per share.

Chams appreciated  by 8.89 per cent to close at 49 kobo, while Regency Alliance Insurance and Sovereign Trust Insurance went up by 8.70 per cent each to close at 25 kobo, each, per share. On the other hand, UACN Property Development  led the losers’ chart by 8.93 per cent, to close at N1.53, per share.  Ikeja Hotel followed with a decline 8.57 per cent  to close at N1.60, while Goldlink Insurance declined by 8.33 per cent to close at 33 kobo, per share.

Japaul Oil & Maritime Services declined by 7.69 per cent to close at 36 kobo, while CCNN down by 3.47 per cent, to close at N15.30, per share.

Total volume traded went down by 23.93 per cent to 271.08 million units, valued at N1.49 billion, and exchanged in 3,814 deals. Japaul Oil traded with 58.61 million shares valued at N23.4 million.  United Bank for Africa (UBA) followed with 36.997 million shares worth N244.78 million, while Courtville traded 30.68 million shares valued at N7.36 million.

Access Bank traded 23.62 million shares valued at N163.28 million, while Transnational Corporation of Nigeria (Transcorp) transacted 17.16 million shares worth N21.38 million.