Investors in the equities segment of the Nigerian Stock Exchange (NSE) lost N335 billion in four days trading as high –mid capitalised shares on the Exchange recorded profit-taking.
The federal government had declared Tuesday, October 1, 2019, a public holiday to mark the Nations 59th independence anniversary. Market statistics obtained by our correspondent showed that the market capitalisation, which opened trading on September 30 at N13.472 trillion, shed N335 billion or 2.48 per cent to close trading on October 4 at N13.137 trillion.
According to NSE weekly market report, the All-Share Index (ASI) lost 687.59 basis points, representing a decline of 2.48 per cent to close at 26,987.45 basis points from 27,675.04 basis points it opened for trading as at September 2019.
Capital market analyst had expected the bears to sustain their grip on the market in the absence of a catalyst to boost sentiment.
Continental Reinsurance topped the gainers’ chart with 20.11 per cent to close at N2.27 per share. Law Union and Rock Insurance followed with 12.82 per cent to close at 44 kobo as Niger Insurance garnered 10 per cent to close at N0.22 per share.
Cap grew by 9.89 per cent to close at N25.55, while Caverton Offshore Support Group appreciated by 8.33per cent to close at N2.60 per share.
On the other hand, Fidson Healthcare led the losers’ chart, reducing by 18.89 per cent to close at N3.65 per share. Ecobank Transnational Incorporated followed with a loss of 14.61 per cent to close at N7.60, while UAC of Nigeria was down by 14.38 per cent to close at N6.55 per share.
Africa Prudential shed 9.97 per cent to close at N3.52, while Beta Glass declined by 9.96 per cent to close at N53.80 per share.
Meanwhile, a total turnover of 660.654 million shares worth N9.189 billion in 12,032 deals were traded this week by investors on the floor of the Exchange.
Similarly, all other indices finished lower with the exception of NSE Insurance and NSE Industrial Goods Indices which appreciated by 5.71 per cent and 0.14 per cent respectively while the NSE ASeM index closed flat.
A total of 15 equities appreciated in price during the week, lower than 22 equities in the previous week. 39 equities depreciated in price, lower than 42 equities in the previous week, while 112 equities remained unchanged, higher than 102 equities recorded in the preceding week.
The Financial Services industry (measured by volume) led the activity chart with 458.190 million shares valued at N5.905 billion traded in 6,720 deals; thus contributing 69.35 per cent and 64.27 per cent to the total equity turnover volume and value respectively.
The Conglomerates Industry followed with 55.804 million shares worth N124.513 million in 545 deals. The third place was Construction/Real Estate Industry with a turnover of 54.330 million shares worth N62.585 million in 135 deals.
Trading in the Top Three Equities namely, Guaranty Trust Bank Plc, Access Bank Plc and FBN Holdings Plc. (measured by volume) accounted for 280.714 million shares worth N4.909 billion in 2,985 deals, contributing 42.49 per cent and 53.43 per cent to the total equity turnover volume and value respectively.
All other indices finished lower with the exception of NSE Insurance and NSE Industrial Goods Indices which appreciated by 5.71 per cent and 0.14 per cent respectively while the NSE ASeM index closed flat.
“In the new week, we expect the local bourse to close in negative territory as investors’ sentiment remains weak given the perceived attractiveness of fixed investment yields,” Analyst at Cowry Asset Management Limited noted.