The Nigerian equities market resumed trading for the week on consolidation of a five-day losing streak with a loss of ₦48 billion due to bargain hunting.
Specifically, the market capitalisation on Monday shed ₦48 billion or 0.36 per cent to close at ₦13.354 trillion against ₦13.402 trillion.
Also, All-Share Index lost 109.94 points or 0.36 per cent to close at 30,322.19 compared with 30,527.01 achieved on Friday.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Unilever Nigeria, Cement Company Northern Nigeria (CCNN), MTN Nigeria, Dangote Flour Mills and Nigerian Aviation Handling Company (NAHCO).
Analysts at Afrinvest Limited said, “Given the negative trend in the equities market, a bearish performance was expected in the market to persist but with opportunities for bargain hunting.”
Also, analysts at APT Securities and Funds Limited noted: “We might see more down days during the trading week as more investors eye savings and riskless asset.
“We therefore advise for cautious trading in the short run.
“However, accumulation of fundamentally justified and dividend paying stocks for mid to long term is recommended.”
A breakdown of the price movement shows that Consolidated Hallmark Insurance and UACN Property Development Company recorded the highest price gain of 10 per cent each, to close at 22k and N1.65, respectively.
Sovereign Trust Insurance followed with a gain 8.70 per cent to close at 25k, while Japaul Oil & Maritime Services rose by eight per cent to close at 27k per share.
Forte Oil appreciated by 2.91 per cent to close at ₦26.50, per share.
Conversely, CCNN and Unity Bank dominated the losers’ chart by 10 per cent each, to close at ₦13.50 and 63k per share, respectively.
NAHCO followed with a decline of 9.73 per cent to close at N3.06, while Courteville Business Solutions by 9.09 per cent to close at 20k per share.
Cutix dropped by 8.75 per cent to close at ₦1.46 per share.
News Agency of Nigeria (NAN) also reports that the volume of shares traded dropped by 19.04 per cent with an exchange of 247.39 million shares valued at ₦3.48 billion in 3,434 deals.
This was in contrast with a turnover of 305.56 million shares worth N3.90 billion exchanged in 3,754 deals.
Zenith Bank was the toast of investors with 70.25 million shares valued at N1.42 billion.
Guaranty Trust Bank followed with an exchange of 23.1 million shares worth ₦706.05 million, while Ecobank Transnational traded 18.13 million shares valued at ₦177.72 million.
Custodian Investment sold million 15.71 million shares valued at ₦95.02 million, while FBN Holdings transacted 11.48 million shares worth ₦80.25 million.
By Helen Oji
The Guardian Newspaper June 10th, 2019