Stock market opens June trading with N102 billion loss

The Nigerian Exchange Limited (NGX) reopened trading for the period of June connected a bearish enactment arsenic the wide capitalisation declined by N102 billion, amid losses successful FBN Holdings (FBNH) Plc and 16 stocks.

The all-share scale (ASI) mislaid 111.52 points, representing a nonaccomplishment of 0.11 per cent to adjacent astatine 99,118.86 points. Also, marketplace capitalisation shed N102 cardinal to adjacent astatine N56.07 trillion.

The downturn was driven by terms depreciation successful ample and mean capitalised stocks amongst which are; FBNH, Lafarge Africa, eTranzact International, Nigerian Breweries and Transnational Corporation (Transcorp).

Analysts astatine United Capital Plc said: “We expect the mixed sentiments amongst investors to persist successful the section equities market. On 1 hand, we expect pockets of buy-interests successful the marketplace arsenic marketplace participants instrumentality positions successful fundamentally dependable banal fixed their debased pricings.

“Nevertheless, we inactive expect that the precocious returns successful the fixed-income marketplace volition proceed to negatively interaction the equities marketplace arsenic investors power their plus classes to little risky assets.”

Afrinvest Research said: “Investor sentiment, arsenic measured by marketplace breadth, weakened to 0.07x (previously 0.10x) arsenic 23 stocks advanced, 17 declined, and 84 closed flat. Tomorrow, we expect the bearish sentiment to linger owed to declining capitalist sentiment.”

However, capitalist sentiment, arsenic measured by marketplace breadth, closed affirmative arsenic 23 stocks advanced, portion 17 declined. Cornerstone Insurance and Deap Capital Management and Trust emerged the highest terms gainer of 10 per cent each to adjacent astatine N2.09 kobo and 44 kobo respectively, portion Oando followed with a summation of 9.75 per cent to adjacent astatine N12.95 kobo.

Veritas Kapital Assurance declined by 8.47 per cent to adjacent astatine 64 kobo, portion R.T. Briscoe Nigeria precocious by 8.33 per cent to adjacent astatine 52 kobo.On the different side, eTranzact International led others connected the losers’ illustration with 9.82 per cent to adjacent astatine N5.05, per share. Unity Bank followed with a diminution of 9.8 per cent to adjacent astatine N1.38 kobo portion Jaiz Bank shed 9.65 per cent to adjacent astatine N2.06 kobo. McNichols mislaid 9.09 per cent to adjacent astatine N1, portion Japaul Gold & Ventures depreciated by 4.78 per cent to adjacent astatine N2.09 kobo.

Also, the full measurement traded declined by 19.5 per cent to 349.59 cardinal units, valued astatine N5.237 billion, and exchanged successful 8,082 deals.
Transactions successful the shares of Veritas Kapital Assurance led the enactment with 57.951 cardinal shares worthy N35.944 million.

Guaranty Trust Holding Company (GTCO) followed relationship of 47.634 cardinal shares valued astatine N1.888 billion, portion Access Holdings traded 46.322 cardinal shares valued astatine N796.316 million. AIICO Insurance traded 30.706 cardinal shares worthy N30.796 million, portion Regency Alliance Insurance traded 14.555 cardinal shares worthy N5.636 million.