Market indices slump further by 0.45%

Activities on the nation’s bourse resumed for the week on Monday still on negative territory with crucial market indicators dropping further by 0.45 per cent.

Specifically, the market capitalisation lost N59 billion or 0.45 per cent to close at N13.078 trillion against N13.137 trillion.

Also, the All-Share Index, which opened at 26,987.45, shed 121.04 points or 0.45 per cent to close at 26,866.41.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are: Seplat, Nestle Nigeria, Stanbic IBTC Holdings, Cadbury Nigeria and Nigerian Breweries.

Analysts at the United Capital Plc, expressed optimism that the market would maintain mixed performing.

“This week, we expect the equities market to remain tepid, as market participants’ factor in the activities in the global economy and the fiscal environment atmosphere in Nigeria before locking in gains on stocks with strong fundamentals.

“We also expect third quarter, 2019 earnings to begin to trickle in,” they said.

However, market breadth closed slightly positive, with 17 gainers compared with 16 losers.

A breakdown of the activity chart shows that Cornerstone Insurance led the losers’ chart with a loss of 10 per cent to close at 36k per share.

Seplat followed with a decline of 6.85 per cent to close at N517, while Cadbury dipped 5.74 per cent to close at N9.85 per share.

Caverton dropped 5.38 per cent to close at N2.46, while Oando declined by 2.70 per cent to close at N3.60 per share.

Conversely, Courteville recorded the highest price gain in percentage terms to lead the gainers’ table, growing by 10 per cent to close at 22 per share.

Africa Prudential followed with 9.94 per cent to close at N3.87, while Associated Bus Company appreciated by 8.82 per cent to close at 37k per share.

Wema Bank rose by 8.62 per cent to close at 63k, while UACN appreciated by 8.40 per cent to close at N7.10 per share.

The total volume traded appreciated marginally to close higher with an exchange of 151.71 million shares worth N1.50 billion exchanged in 2,854 deals.

This was in contrast with a turnover of 139.88 million shares valued at N1.03 billion transacted in 2,688 deals on Friday.

FCMB Group dominated trading activity chart with a total of 55.67 million shares valued at N89.06 million.

Transcorp followed with 17.15 million shares worth N17.21 million, while FBN Holdings accounted for 14.39 million shares valued at N76.24 million.

Access Bank sold 7.36 million shares worth N52.35 million, while Zenith Bank transacted 6.87 million shares valued at N123.54 million. (NAN)