Nigeria’s equities market see negative start to new week

In line with expectation that the overall market sentiment will be largely bearish this week, due to profit taking on stocks that gained last week, Nigeria’s equities market opened this week on a negative note, down by 0.63percent.

Investors in Nigeria’s listed stock book N126billion loss at the close of Monday’s trading session on the Bourse.

The stock market’s negative return year-to-date (YtD) increased to -4.23percent following this dismal outing on Custom Street on Monday.

“In the absence of any major positive trigger, we expect to see the market trade quietly this week with sentiment tilting more towards the bears”, said Vetiva research analysts in their August 9 note to investors.

University Press Plc led the league of losers after its share price decreased from day open high of N1.43 to N1.29, down by 14kobo or 9.79percent while Conoil Plc led the gainers after its share price increased from N20.35 to N22.35, up by N2 or 9.83percent.

Read also: Nigeria’s stocks shed N64bn in one week

The NGX All-Share Index (ASI) and Market Capitalisation which opened the new week at 38,810.75 points and N20.220trillion respectively decreased to 38,567.26 points and N20.094trillion.

Except NGX Oil & Gas Index (+1.01percent) and NGX Consumer Goods Index (0.03percent), all other key sectoral indices closed the trading day in red.

Wema Bank Plc, Ellah Lakes Plc, Fidelity Bank Plc, CHI Plc and FCMB Group Plc were most traded stocks on the Bourse. In 3,830 deals, equities dealer on the NGX Limited exchanged 194.949million shares valued at N1.014billion.

“We do not rule out bargain hunting activities this week as corporate disclosures especially from banking tickers might spur strong buying interest”, said Meristem research analysts.