Nigerian Stock Market Opens November Bearish, Down By N32Bn

Nigerian stock market opened trading for November on a negative note with the market capitalisation which previously resumed for the month at N21.938 trillion, ending up losing N32 billion or 0.15 percent on profit-taking.

Also, the All-Share Index dropped 61.81 points or 0.15 per cent to close at 41,976.79 from 42,038.60 achieved on Friday.

The stock market negative performance was driven by price depreciation in large and medium capitalised stocks which include Eterna, Dangote Sugar Refinery, Nigerian Breweries, Oando and Ecobank Transnational Incorporated (ETI).

“Looking ahead, we expect sustained bullish performance this week in reaction to the strong earnings turnout and sustained domestic interest in the equity market,” Analysts at United Capital Plc said.

Eterna led the losers’ chart in percentage terms by 9.94 per cent to close at N7.79 per share followed by UACN Property Development Company with a decline of 9.44 per cent to close at N1.63, while Courteville Business Solutions lost 9.09 per cent to close at 40k per share.

Oando shed 7.92 per cent to close at N4.65, while Honeywell Flour Mills depreciated by 7.78 per cent to close at N3.32 per share.

Conversely, Fidson Healthcare and Guinness Nigeria dominated the gainers’ chart in percentage terms with 9.92 per cent each to close at N6.76 and N39.90 per share, respectively.

Sovereign Trust Insurance followed with a gain of 9.09 per cent to close at 24k per share.

AIICO Insurance went up by 8.87 per cent to close at N1.35, while Regency Alliance Insurance appreciated by 8.11 per cent to close at 40k per share.

Also, the total volume of shares traded declined by 66.55 per cent to 378.151 million shares worth N3.24 billion traded in 6,384 deals.

This was in contrast with a total of 1.13 billion shares valued at N13.78 billion transacted in 5,458 deals on Friday.

Transactions in the shares of Mutual Benefits Assurance topped the activity chart with 52.45 million shares valued at N13.71 million.

United Bank for Africa followed with 29.28 million shares worth N250.85 million, while FBN Holdings traded 27.55 million shares valued at N299.82 million.

AIICO Insurance sold 26.97 million shares worth N35.81 million, while Transcorp transacted 26.18 million shares worth N27.44 million.

Source: News Agency Of Nigeria (NAN)

Patsy Nwogu

Reporting on data-driven featured stories and investigations.

Related post