STOCK MARKET SHEDS N188BN IN FIVE HOURS
The nation’s stock market on Monday witnessed a relapse as investors lost N188bn in the five trading hours of the day. The market, which had recorded improvement last week following the Central Bank of Nigeria’s directive, which restricted individuals from participating in OMO auctions, returned to its losing trend as the market capitalisation of equities again dropped below the N13tn mark.
The market capitalisation dropped from N13.071tn on Friday to N12.883tn on Monday as the All Share Index declined by 0.60 per cent to close at 26,691.09 basis points. A total of 307.961 million shares valued at N2.539bn exchanged hands in 4,609 deals, representing a 52.6 per cent and 120 per cent decline in volume and value traded, respectively.
The top traded stocks by volume were UAC Nigeria Plc (102.546 million units), Zenith Bank Plc (29.544 million units), United Bank for Africa Plc (20.907 million units), Access Bank Plc (20.235 million units) and FBN Holdings Plc (14.667 million units). Performance across sectors was majorly positive as only the banking and oil and gas indices recorded losses.
The banking index shed two per cent on the back of major losses recorded in Wema Bank Plc, FCMB Group Plc and Access Bank Plc, while the oil and gas index declined by 0.06 per cent. On the flip side, the consumer goods index gained 0.42 per cent while the industrial and insurance indices appreciated by 0.03 per cent and 0.01 per cent, respectively.
A total of 16 gainers were recorded on Monday led by Neimeth Pharmaceutical Company Plc, Jaiz Bank Plc, Ikeja Hotel Plc, Custodian Insurance Plc and Courteville Business Solutions Plc, which gained 10 per cent, 9.86 per cent, 9.47 per cent, 9.09 per cent and 8.70 per cent, respectively.
Fourteen losers, led by Wema Bank, FCMB, Caverton Offshore Support Group Plc, Access Bank and Ecobank Transnational Incorporated, were recorded as their share prices depreciated by 7.89 per cent, 7.50 per cent, 7.41 per cent, 6.67 per cent and 6.67 per cent, respectively.