The Nigerian equities market kick started this week on a negative note following relatively quiet trading session.
The benchmark performance indicator dropped by 0.15percent to close on Monday September 23 at 27,657.27points while the value of listed stocks stood lower at N13.463trillion as against 27,698.69 points and N13.484 trillion recorded the preceding trading day respectively. Stock investors lost N21billion on Monday.
The market’s year-to-date (YtD) returns currently stands at -12percent. Monday’s negative performance came as a result of sell pressure on some mid/large cap stocks.
For instance, Presco Plc led the losers table of 24 against 18 gainers. Presco dipped from N44.8 to N40.35, down by N4.45 or 9.93percent, followed by UAC of Nigerian Plc which declined from N7.9 to N7.15, down by 75kobo or 9.49percent. Nigerian Breweries Plc decreased from N52.55 to N52, losing 55kobo or 1.05percent.
As investors cautiously observe the direction of the market, its turnover on Monday came in lower than recorded in recent sessions. In 3,382 deals, stock dealers exchanged 109,562,733 units valued at N888.172million.
With negative market breadth and most sectors seen close negative, analysts expect a busier session with similar trading pattern in Tuesday session excluding any positive event that may sway investors’ sentiment to the positive side.
On the gainers table, Forte Oil Plc led other stocks after its share price advanced from N16 to N17.2, adding N1.2 or 7.50percent. It was followed by Cadbury which moved up from N10.95 to N11.6, after adding 65kobo or 5.94percent, and NCR Plc which rose from N4.5 to N4.95, adding 45kobo or 10percent.
