Local stock market opens week lower despite robust activity

Stock trading at the Nigerian Exchange Limited (NGX) is heading south to end the first trading session of the week on a negative note.

In particular, the All-Share-Index (ASI) came in at 51,791.45 basis points from its previous close of 51,829.67 basis points, which was down 0.1%.

The negative trade took both the monthly and yearly performance of the ASI to 0.05% and 21.24%.

Equity investors therefore lost N21 trillion of their net worth as market capitalization followed the direction of the ASI to stand at N27.921 trillion, down 0.08% from 27.942 trillion naira at the end of the previous trading session.

The Bears side dominated the market spread with 18 counters in the losers’ board opposed to 16 counters in the winners’ board.

On the performance chart, Fidson Pharmaceutical gained 9.82% to become the session’s best performing stock, flanked by Learn Africa, Prestige Insurance, UPDC and Regal Insurance. At the back of the table, Conoil, Redstar Express, RTBriscoe, Cutix and Unity Bank filled out the top five losers table.


The main sector indices closed in the same direction as the ASI, with the exception of the NGX Banking and NGX Insurance sectors which gained 0.17% and 0.14% respectively, while the NGX Growth and NGX ASEM sectors gained firm.

Market activity, measured by both volume and value traded, improved during the session, with daily volume traded standing at 194.121 million units, an increase of 52.82 % against the volume of 127.030 million units traded in the previous session.

The value of these traded stocks rose 65.33% during the session to 2.822 billion, compared to a value of 1.707 billion recorded in the previous trading session.

Transnational Corporation topped the volume charts as the top volume-traded stock for the trading session, followed by Guaranty Trust Holding Company (GTCO), United Bank for Africa, AIICO Insurance and FBN Holdings to complete the list of top five stocks. more traded by volume.

In terms of value of shares traded, MTN Nigeria also took the lead in the top five performers. It is flanked by GTCO, Airtel Africa, Zenith Bank and FBN Holding.

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Local stock market opens week lower despite robust activity

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Local stock market opens week lower despite robust activity

Sally J. Minick