Nigeria’s equities market resumed the new trading week with a loss of N115.9bn, despite the official resumption of President Muhammadu Buhari at the Presidential Villa, Abuja, after being away for 103 days on medical vacation in London.
The DailyTimes had reported that the market’s reaction to the President’s arrival may be neutral given that there was no vacuum in his absence as the Acting President, Professor Osinbajo, in a joint effort with Buhari activated policies towards reviving the economy.
Investment Research Analyst at Afrinvest West Africa Limited, Obianuju Nsofor had said at the weekend that the impact of the President’s return would be neutral.
According to her, until the President addresses the nation on Monday, then, we can start to see some sort of market reaction if there is any need for that.
Although, the President assured Nigerians, including investors and business owners of their constitutional right to pursue business anywhere within the country, policy statements to drive the direction of the stock market were not mentioned by the President.
Meanwhile, the equities market recorded a decline of 0.91 per cent as the NSE’s All-Share Index closed on Monday at 36,584.44 points, reducing year-to-date returns to 36.13 per cent, while the market capitalisation declined by N115.9 billion to settle at N12.609 trillion.
The trading chart showed 27 gainers were paired against 16 losers, but heavy losses recorded by large-cap stocks like Nestle and Dangote Cement dragged the market to the red zone.
The losers’ table was, however, led by Vitafoam, which suffered a loss of 5 per cent to close at N2.66 per share, Mansard shed 4.88 per cent to settle at N1.95 per share, while SCOA declined by 4.74 per cent to close at N3.42 per share. Paintcom fell by 4.62 per cent to close at 62 kobo per share, and Skye Bank depreciated by 4.48 per cent to end the day at 64 kobo per share.
The gainers’ chart was led by Flourmill, which increased 8.73 per cent to close at N31 per share, It was trailed by Transcorp, which advanced by 5.97 per cent to settle at N1.42 per share, Honeywell Flourmills and Dangote Flour appreciated 5 per cent each to close at N2.10 and N6.30 per share, while Learn Africa added 4.94 per cent to close at 85 kobo per share.
AIICO emerged the most active stock of the day with 131mn shares sold at N74.7mn. GTBank followed with the sale of 61.2mn units for N2.5bn, and Zenith Bank, traded 22.7mn shares valued at N542.2mn. Unity Kapital Assurance sold 16.2mn shares worth N8mn, while UBA exchanged 11.2mn shares at N104.7mn.
In all, investors transacted a total of 368.4 million shares in 3,729 deals valued at N6.3 billion compared with 236.6 million shares traded in 3,803 deals last Friday worth N4.8 billion.