On Monday, September 13, the trading at the domestic bourse started the week on a negative mood, taking the bullish sentiment to six consecutive trading sessions.
The price depreciation was due to profit-taking sentiments in all the major sectors except those of the consumer goods and banking sectors especially the All-Share Index which shed 6.16 points or 0.02 per cent to close at 38,915.62 from 38,921.78 posted on Friday.
Based on, month-to-date and year-to-date losses which stands at 0.8 per cent and 3.4 per cent, respectively.
In the same way, the market capitalisation lost N3 billion to close at N20.275 trillion in comparison to the N20.278 trillion which was recorded on Friday.
The market negative performance was as a result of the price depreciation in large and medium capitalised stocks, which include: Guinness, Lafarge Africa, Oando, Fidson Healthcare and SCOA.
Analysts at United Capital expected some bargain while hunting on some stocks that experienced selloffs the previous week.
“In the medium term, we expect the market to remain choppy.
“Additionally, market participants will be watching the fixed income space closely amid a hike in stop rates at the recent Nigerian Treasury Bills (NTB) auction,” they said.
Unfortunately, the market breadth closed negative with 20 losers, against 18 gainers.
With SCOA Nigeria LTD leading the losers’ chart by 10 per cent to close at N1.17 per share.
Academy Press followed behind with a decline of 7.69 per cent to close at 36k, while UACN Property Development Company was down by 6.21 per cent to close at N1.51 per share.
Associated Bus Company also depreciated by 5.71 per cent to close at 33k, while Oando declined further by 4.09 per cent to then closed at N4.45 per share.
On the other hand however, Morison Industries led the gainers’ chart in percentage terms, gaining 9.38 per cent to close at N2.10 per share.
Sovereign Trust Insurance followed with a gain of eight per cent to close at 27k, while Linkage Assurance appreciated by 5.26 per cent to close at 60k per share.
Fidelity Bank went up by 4.35 per cent to close at N2.40, while International Breweries appreciated by 4.17 per cent to close at N5 per share.
The total volume traded appreciated by 30.11 per cent to 201.10 million shares worth N2.53 billion traded in 3,340 deals.
This was against an initial total of 154.56 million shares worth N2.27 billion traded in 3,467 deals on Friday.
Observing transactions in the shares, Universal Insurance topped the activity chart with 19.45 million shares valued at N3.89 million.
While Fidelity Bank followed with 19.28 million shares worth N46.51 million, and FBN Holdings traded 16.68 million shares valued at N12.49 million.
Courteville Business Solutions also traded 13.76 million shares valued at N3.87 million, while Access Bank sold 13.49 million shares worth N125.06 million.
