The Nigerian Stock Exchange (NSE) commenced trading for the week on a downward note, following losses recorded by bellwethers, causing market capitalisation dipped further by N75 billion.
At the close of trading yesterday, the All-Share Index (ASI) decreased by 144.78 absolute points or 0.35 per cent to close at 41,564.31 points. Similarly, the overall market capitalisation shed N75 billion to
close at N21.744 trillion. The downturn was impacted by losses recorded in large and medium value stocks, including Guaranty Trust Bank, PZ Cussons Nigeria, Flour Mills of Nigeria, Unilever Nigeria, and Champion Breweries.
Analysts at United Capital Plc said the direction of corporate releases would drive the performance of the equity market this week. “The recent hike in rates in the NTB and OMO posed
a system risk, as we expect some investors to pull back in the market. However, we imagine that dividend income should sustain interest in stocks,” they said. Also, analysts at Afrinvest Limited, said: “In the next trading session, we expect to see slight profit-taking in high-priced stock.” Meanwhile, sentiment, as measured by market breadth was positive, as 23 stocks gained relative to 16 losers.
McNichols Plc recorded the highest price gain of 9.59 per cent to close at 80 kobo. UPDC Real Estate Investment Trust followed with 9.09 per cent to close at N6.00, while Multiverse Mining and Exploration rose 8.33 per cent to close at 26 kobo.
Fidson Healthcare advanced 8.30 per cent to close at N6.00, while Africa Prudential gained 8.21 per cent to close at N7.25, per share. On the other hand, Champion Breweries led the losers’ chart by 9.75 per cent to close at N2.50 kobo.