Nigeria’s equity market lost N109 billion in the first trading session on Wednesday after the Eid-el-Kabir celebration with a loss of 0.82% due to profit taking in blue chips.
Agency reports indicated that the All-Share Index lost 223.70 points or 0.82% to close at 27,083.11 against 27,306.81 on Friday. Also, the market capitalisation which opened at N13.307 trillion shed N109 billion or 0.82% to close at N13.198 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Total Nigeria, MTN Nigeria, Flour Mills Nigeria, Cement Company of Northern Nigeria (CCNN) and Guaranty Trust Bank.
Analysts at Afrinvest Limited said that “we maintain a bearish outlook for the rest of the week in the absence of any major catalyst. However, we see opportunities for bargain hunting in stocks with sound fundamentals.”
Market breadth was negative, with four gainers compared with 27 losers. UACN led the losers’ chart with a loss of 10% to close at N4.95 per share. NPF Microfinance Bank followed with a decline of 9.32% to close at N1.07, while Flour Mills lost 8.50% to close at N14 per share. Total Nigeria depreciated by 7.84% to close at N105.80, while Law Union; Rock Insurance declined by 7.69% to close at 36k per share.
Conversely, Continental Reinsurance recorded the highest price gain of 4.32% to close at N1.45 per share. Custodian Investment followed with a gain of 3.33% to close at N6.20, while Africa Prudential went up by 1.41% to close at N3.60 per share. Union Bank of Nigeria (UBN) appreciated by 0.74% to close at N6.80 per share.
However, total volume of shares traded appreciated by 6.5% with an exchange of 235.12 million shares valued at N3.29 billion traded in 3,922 deals. This was in contrast with a turnover of 220.80 million shares worth N4.48 billion achieved in 2,702 deals on Friday. Transactions in the shares of Guaranty Trust Bank topped the activity chart with 49.86 million shares valued at N1.29 billion. Zenith Bank came second with a turnover of 34.72 million shares worth N563.66 million, while Access Bank traded 33.21 million shares valued at N199.39 million. FBN Holdings sold 20.42 million shares worth N97.48 million, while Fidelity Bank accounted for 10.66 million shares valued at N15.81 million.