Equity market starts week with N57bn loss

Trading activities started on a negative note on Monday, following days of bullish trend on the Nigerian Exchange Limited, which resulted in a N57bn loss for investors.

The All-Share Index and the market capitalisation moderated by 0.15 per cent to close at 71,008.70 and N39.050tn respectively.

The losses in today's market were primarily driven by price decline in Zenith Bank (-0.75 per cent), Stanbic IBTC Holdings (-7.08 per cent), NB (-2.50 per cent), AccessCorp (-0.58 per cent), Fidelity Bank (-0.57 per cent) and 10 other stocks which kept the ASI in negative terrain.

Market activity for the day was negative as value and volume traded decreased by 27.77 per cent and 18.83 per cent to reach N4.36tn and 358.45 million units, respectively.

Market breadth, which is the measure of investors' sentiments, was positive resulting in 36 gainers and 15 losers.

The gainers' chart was dominated by stocks of MeCure Industries, Multiverse, ABC Transport, C&I Leasing and Northern Nigerian Flour Mills, which closed with 9.95 per cent, 9.92 per cent, 9.88 per cent, 9.84 per cent and 9.83 per cent gains each to close at N6.30, N3.99, N0.89, N5.47 and N26.25 per unit respectively.

The total number of losers reduced to 15, led by RT Briscoe which lost 9.84 per cent to close at N0.55, Prestige lost 9.09 per cent to close at N0.50, Stanbic IBTC lost 7.08 per cent in its share value to close at N65 per unit, Computer Warehouse Group lost 3.14 per cent to close at N7.70 and Caverton lost 2.78 per cent to close at N1.40.

The volume and value drivers of the day's trend were the stocks of  AccessCorp, AIICO, Zenith Bank, Geregu Power, VFD Group, and Airtel Africa.