Stock market closes with N30bn loss

The domestic stock market opened the trading week on Monday in a bearish mood with a N30 billion loss due to selling pressure on BUA Foods and 21 other stocks.

Specifically, the market capitalization that opened at N23.951 billion lost N30 billion to close at N23.921 billion.

Similarly, the All-Share Index was down 55.01 points, or 0.12 percent, to close at 44,399.66 from 44,454.67 published on Friday.

Consequently, the year-to-date gain moderated to 3.9 percent.

The negative market performance was driven by price depreciation in large and mid cap stocks which are BUA Foods, Nigerian Exchange Group, NGXGroup; international breweries; Lafarge Africa and; Fidson’s medical care.

Analysts at Afrinvest Limited said: “We expect a rally in the subsequent trading session as investors position themselves ahead of the 2021 full-year earnings results.”

Market breadth was negative with 22 losers versus 16 winners.

Veritas Kapital Assurance led the losers table in percentage terms by 8.70 per cent to close at 21k per share.

Mutual Benefits Assurance followed with 7.41 per cent to close at 25k, while Cornerstone Insurance lost 7.27 per cent to close at 51k a share.

BUA Foods fell 6.36 per cent to close at N61.80, while Courteville Business Solutions lost 5.41 per cent to close at 35k a share.

In contrast, The Initiates drove the winners chart in percentage terms with 10 per cent to close at 44k per share.

SUNU Assurance followed with 9.68 percent to close at 34k, while Eterna was up 6.95 percent to close at N6 per share.

Wapic Insurance rose 6.25 percent to close at 51k, while Consolidated Hallmark Insurance appreciated 4.48 percent to close at 70k a share.

However, the total trade volume decreased by 47.2 percent to 214.32 million units valued at N2.69 billion in 4,410 deals.

This was against a turnover of 405.74 million shares worth N9.83 billion traded in 3,880 deals on Friday.

Trading in Transcorp shares topped the activity chart with 39.35 million shares valued at N43.05 million.

FBN Holdings followed with 25.49 million shares worth N305.97 million, while Guaranty Trust Holding Company traded 24.81 million shares valued at N625.09 million.

Zenith Bank traded 20.92 million shares valued at N532.96 million, while Fidelity Bank traded 10.36 million shares worth N27.22 million.