In 48 hours to Christmas , the Nigerian equity market today, Monday closed in the red as investors lost N198 billion worth of their investment.
Bullish sentiment in banks’ shares push NSE capitalisation higher by N236.3bn
The NSE market capitalisation, representing investors’ worth on the Exchange declined by 1.5 percent or N198 billion to close the day at N12.606 trillion from N12.804 trillion it closed last Friday.
In the same vein, another major performance indicator, NSE All Share Index, ASI closed the first trading session of the week with a negative performance as it significantly dropped by 1.55 percent to close at 26,115.80 bps.
Today’s negative performance came on the back of declines in blue chip companies, such as MTN Nigeria dropping by (-667bps), Dangote Sugar (-302bps) and Guaranty Trust Bank (-101bps) among others.
On the other hand, daily activity closed mixed with total volume traded declining 44.74 percent while value traded rose marginally by 3.96 percent with trades in the Banking stocks accounting for over 60.00 percent of total turnover.
However, market breadth for the day closed positive as 17 stocks gained while 14 declined.
Meanwhile, AG Leventis led the gainers’ chart as it went up by 10 percent or five kobo to close at N0.55kobo followed by Japaul which went up by 10 percent or 2 kobo to close at N0.22.
Nahco garnered 8.96 percent or 19 kobo to close at N2.31 followed by Linkage Assurance which went up by 8.16 percent or 4 kobo to close at N0.53 while Jaiz Bank gained 6.06 percent or four kobo to close at N0.70.
On the other hand, Cornerstone Insurance led the laggards chart dropping by 9.52 percent or four kobo to close at N0.38 followed by Transcorp Hotel which dipped by 9.26 percent or 50 kobo to close at N4.90.
Ekobank Transnational Incorporated shed 9.09 percent or 60 kobo to close at N6.00 per share followed by First Bank Nigeria Holding, FBNH which declined by 7.69 percent or 50 kobo to close at N6.00 per share, while MTN Nigeria depreciated by 6.67 percent or N7.50 to close at N105.00 per share.
Meanwhile, reacting on the market performance, analysts at Vetiva Research said: “In a relatively bearish session, the index traded below its opening point through the day as large cap stocks experienced sell pressure.
We expect the bearish performance to filter into tomorrow (Tuesday) due to pre-Christmas celebration liquidations.