Nigeria stocks see negative start to new week

Nigeria’s equities market defied analysts expectations of positive start to new week following last week’s record lows. The market closed in red (down by 0.02percent) on Monday September 13, thereby pushing higher the record negative returns this year to -3.36percent.

The market has decreased by 0.78percent this month. Stock investors on the Nigerian Bourse lost N3billion at the close of trading on Monday.

The Nigerian Exchange Limited (NGX) All Share Index (ASI) and Market Capitalisation closed lower at 38,915.62 points and N20.275trillion as against preceding trading day’s highs of 38,921.78 points and N20.278trillion.

Universal Insurance, Fidelity Bank, FBN Holdings, Courteville Business Solutions and Access Bank were most traded stocks on Monday at the Nigerian Exchange Limited. In 3,340 deals, investors exchanged 201,103,282 units valued at N2.526billion.

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SCOA led the laggards after its share price decreased from N1.30 to N1.17, losing 13kobo or 10percent, while Morison share price advanced most, from N1.92 to N2.10, adding 18kobo or 9.38percent.

United Capital analysts had expected some bargain hunting on some tickers that experienced selloffs last 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 NTB auction, the analysts said in their recent note.

In their September 13 note on what will shape the market on Tuesday, Lagos-based analysts at Vetiva Securities said, “We expect some Tier-1 banking names and small cap counters to continue to boost market activity as investors continue to bargain hunt across sectors.”