Stock market starts week in red, extends bearish run

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

News Agency of Nigeria • February 22, 2021

Nigerian Stock Market trade floor (Photo Credit: Bloomberg)

The Nigerian bourse extended its bearish run on Monday with crucial indicators recording 0.08 percent loss.

Specifically, the market capitalisation dipped N17 billion or 0.08 percent to close at N21.008 trillion against N21.025 trillion posted on Friday.

Also, the All-Share Index which opened at 40,186.70 dropped 32.61 points or 0.08 percent to close at 40,154.09.

The loss was driven by price depreciation in large and medium capitalised stocks amongst which are: Africa Prudential, Lasaco Assurance, Niger Insurance, Lafarge Africa and Red Star Express.

Overall, the market recorded 26 losers as against 20 gainers.

Africa Prudential led the losers’ chart in percentage terms with 9.59 percent to close at N6.60 per share.

Lasaco Assurance followed with 9.52 percent to close at N1.52, while Niger Insurance shed 8.70 percent to close at 21k per share.

Lafarge Africa dropped eight per cent to close at N23, while Red Star Express shed 7.42 percent to close at N3.12 per share.

On the other hand, UPDC Real Estate Investment Trust dominated the gainers’ chart in percentage terms, gaining 9.35 percent to close at N5.85 per share.

Consolidated Hallmark Insurance followed with 9.09 per cent to close at 36k, while Academy Press rose by 8.57 percent to close at 38k per share.

Cornerstone Insurance garnered 7.81 percent to close at 69k, while University Press appreciated by 7.50 per cent to close at N1.29 per share.

Also, the total volume of trades declined by 5.99 percent to 289.34 million shares valued N3.57 billion achieved in 4,953 deals.

This was in contrast with a total of 307.79 million shares worth N2.91 billion traded in 4,393 deals on Friday.

Transactions in the shares of FBN Holdings topped the activity chart with 57.56 million shares valued N419.713 million, per share.

United Capital followed with 27.44 million shares worth N167.340 million, while Guaranty Trust Bank traded 26.85 million shares valued N820.55 million.

United Bank for Africa (UBA) traded 25.197 million shares valued N210.95 million, while Zenith Bank transacted 21.74 million shares worth N540.28 million.

(NAN)