Nigerian Bourse Opens Week with ₦83Bln Loss

Nigeria Exchange resumed trading with a loss of ₦83Bln billion this week following sell pressure on bellwether stocks.

The market capitalisation, which began the week at ₦20.572 trillion, fell by ₦83 billion or 0.40 per cent to close at ₦20.489 trillion.

The All-Share Index also lost 158.98 points or 0.40 percent to close at 39,326.67 from 39,485.65 on Friday.

Accordingly, month-to-date gain moderated to 2.0 per cent, while year-to-date loss increased to 2.3 per cent.

The market loss was caused by price depreciation in large and medium capitalised stocks, including Dangote Cement, Eterna, Oando, Ecobank Transnational Incorporated, Champion Breweries and Zenith Bank.

This week, analysts at United Capital Plc expected the pendulum of sentiments to be swayed by the outcome of audited numbers of the big banks.

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Market sentiment closed positive with 21 gainers in relative to 18 losers.

Champion Breweries led the losers’ chart in percentage terms by 7.73 per cent to close at ₦2.03 per share.

Eterna followed with 7.20 per cent to close at N6.96 while Linkage Assurance shed 6.45 per cent to close at 58k per share.

Oando lost five per cent to close at ₦4.56 while Caverton Offshore shed 4.86 per cent to close at ₦1.76 per share.

Conversely, Honeywell Flour Mills dominated the gainers’ chart in percentage terms with 9.86 per cent to close at ₦3.90 per share.

UACN Property followed with 9.84 per cent to close at ₦2.01 while Associated Bus Company rose by 9.09 per cent to close at 36k per share.

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Presco garnered 8.90 per cent to close at ₦79.50 while FTN Cocoa processors appreciated by 8.33 per cent to close at 52k per share.

However, the total volume of trades increased by 29.27 per cent to 301.01 million units valued at ₦1.54 billion exchanged in 4,715 deals.

This was in contrast with a total of 232.85 million shares worth ₦1.85 billion traded in 3,351 deals on Friday.

Transactions in the shares of Transcorp topped the activity chart with 51.691 million shares valued at ₦46.84 million.

Honeywell Flour Mills followed with 43.73 million shares worth ₦167.91 million, while Consolidated Hallmark Insurance traded 17.61 million shares valued at ₦10.63 million.

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Oando traded 16.12 million shares valued at ₦71.45 million, while UPDC transacted 15.11 million shares worth ₦29.91 million.

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