Stock market opens in bearish trend, shed 0.22

Transactions on the floor of Nigerian Stock Exchaange NSE yesterday opened week in downward as the two market indicators depreciated by 0.22 per cent. The NSE All Share Index (ASI) dropped by 86.65 basis points to 38,626.11 points from 38712.76 points traded on Friday. Also the market capitalisation of listed equities declined by N27 billion to N12.407 trillion from N12.434 trillion recorded previously.

Volume of activities also went down by 133.629  million as investors exchanged 443.821 million shares valued at N6.159  billion in 4125 deals  against 577.450 million shares worth N3.823 billion in 4831 deals.                            An analysis of the investment showed that Nigerian Breweries led gainers table, appreciating by N1.94 kobo to close at N152.06 kobo, Honey Well Flour Mills Plc and Zenith Bank gained N0.17 kobo each to close at N3.67 kobo and N21.00 respectively. Lives stock and UBA Capital enhanced by N0.15 kobo and N0.12 kobo respectively to close at N2.23 kobo and N2.57 kobo.
On the Contrary, UAC property topped losers chart, dropping by N1.16 kobo to close at N24.00, Larfarge Wapco shed N1.07 kobo to close at N107.93 kobo while Stanbic IBTC loss N0.63 kobo to close at N19.40 kobo.

Other stocks that depreciated in price were Dangote Sugar and Flour Mills which fell by N0.57 kobo and N0.50 kobo respectively to close at N9.03 kobo and N70.00. Further analysis showed that financial service sector recorded the highest volume of activities as it traded 397.357 million shares worth N4.367 billion in 2358 deals. Banking sub sector was the most active in the  sector having accounted for 237.566 million shares valued at N3.748 billion in 1571 deals.

The result showed Zenith bank was the toast of investors in the sub setor with account of 68.135 million shares worth N1.430 billion made in 322 deals, GTBank followed, accounting for 62.327 million shares cost N1.667 billion in 287 deals while United Bank for Africa traded 47.357 million shares worth N341.000 million in 295 deals.
Other financial institutions boasted by stocks of FBN Holdings follow in the sector with a total of 51.507 million shares worth N522.519 million in 651 deals.

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