Stock market reopens negative as index dips by N140 billion
After the two-day holiday declared by the Federal government to commemorate Christmas and Boxing Day, Nigerian equities market reopened on a downturn as the overall market capitalisation declined by N140 billion amid losses in Nestle Nigeria Plc and 20 others.
The all-share index declined by 254.63 points, representing a loss of 0.34 per cent, to close at 73,768.64 points.
Similarly, the overall market capitalisation value lost N140 billion to close at N40.367 trillion.
The market negative performance was driven by price depreciation in large and medium capitalised stocks which are Nestle Nigeria, Okomu Oil, Dangote Cement, Stanbic IBTC Holdings and UAC of Nigeria (UACN).
On what will shape the market in the next trading session, analysts at Vetiva Dealing and Brokerage said: “Market closed mixed once again, as the heavyweights continue to dampen sentiments. We expect similar mixed session tomorrow, amid bargain hunting activities.”
However, market breadth closed positive, as 40 stocks gained relative to 21 decliners. Eterna recorded the highest price gain of 10 per cent to close at N13.20 kobo. AXA Mansard Insurance followed with a gain of 9.96 per cent to close at N5.19 kobo while Multiverse Mining & Exploration up by 9.95 per cent to close at N15.36 kobo.
Infinity Trust Mortgage Bank appreciated by 9.93 per cent to close at N4.98 and N14.6 respectively, while Industrial and Medical Gas Nigeria (IMG) rose by 9.85 per cent to close at N11.15 kobo.
On the other hand, UACN led the losers’ chart by 10 per cent to close at N13.5. DEAP Capital Management & Trust followed with a decline of 7.25 per cent to close at 64 kobo, while Caverton Offshore Support Group lost 6.59 per cent to close at N1.70 kobo.
Royal Exchange lost 6.25 per cent to close at 60 kobo, while Tantalizers depreciated by 6.12 per cent to close at 46 kobo kobo.
The total volume traded increased by 2.27 per cent to 432.914 million units, valued at N12.938 billion, and exchanged in 8,901 deals. Transactions in the shares of Jaiz Bank topped the activity chart with 35.382 million shares valued at N58.742 million.
Transnational Corporations (Transcorp) followed with 31.089 million shares worth N279.125 million, while Unity Bank traded 25.117 million shares valued at N40.495 million.
Guaranty Trust Holding Company (GTCO) traded 20.466 million shares valued at N819.27 million, while United Capital transacted 18.767 million shares worth N466.506 million.
