Nigeria stock market opens week with N83 billion loss

The market loss was driven by price depreciation in large and medium capitalised stocks.

News Agency of Nigeria • August 30, 2021

Nigerian Exchange [Photo Creadit: Business Live Nigeria]

Trading on the nation’s bourse resumed for the week on a negative mood with a loss of N83 billion following sell pressure on bellwether stocks.

Specifically, the market capitalisation which opened for the week at N20.572 trillion dipped N83 billion or 0.40 per cent to close at N20.489 trillion.

Also, the All-Share Index lost 158.98 points or 0.40 per cent to close at 39,326.67 from 39,485.65 recorded 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 driven by price depreciation in large and medium capitalised stocks amongst which are; 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.

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 N2.03 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 N4.56 while Caverton Offshore shed 4.86 per cent to close at N1.76 per share.

Conversely, Honeywell Flour Mills dominated the gainers’ chart in percentage terms with 9.86 per cent to close at N3.90 per share.

UACN Property followed with 9.84 per cent to close at N2.01 while Associated Bus Company rose by 9.09 per cent to close at 36k per share.

Presco garnered 8.90 per cent to close at N79.50 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 N1.54 billion exchanged in 4,715 deals.

This was in contrast with a total of 232.85 million shares worth N1.85 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 N46.84 million.

Honeywell Flour Mills followed with 43.73 million shares worth N167.91 million, while Consolidated Hallmark Insurance traded 17.61 million shares valued at N10.63 million.

Oando traded 16.12 million shares valued at N71.45 million, while UPDC transacted 15.11 million shares worth N29.91 million.