Nigerian stock market starts July trading with N5bn loss

Nigerian stock market resumes July trading with N5bn loss
Nigeria’s stock Exchange Building in Lagos

Transactions on the nation’s bourse opened trading for the month of July on a cautious note, dropping by N5 billion to reverse the two-day upward trend.

Specifically, the market capitalisation which opened for the month at N19.760 trillion shed N5 billion to close at N19.755 trillion.

In the same vein, the All-Share Index lost 8.72 points or 0.02 per cent to close at 37,898.56 from 37,907.28 posted on Wednesday.

The market loss was driven by price depreciation in large and medium capitalised stocks, amongst which are Guaranty Trust Bank Holding Company, Oando, Dangote Sugar Refinery, Royal Exchange and United Bank for Africa.

Analysts at Afrinvest Limited said, “In the last trading session of the week, we expect negative performance to be sustained on continued profit-taking.”

However, investor sentiment as measured by market breadth was positive with 20 gainers compared with 15 losers.

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Tripple GEE dominated the gainers’ chart in percentage terms with 10 per cent to close at 77k per share.

Ikeja Hotel followed with 9.77 per cent to close at N1.46, while Computer Warehouse Group improved by 9.57 per cent to close at N1.26 per share.

Wema Bank, Learn Africa and Linkage Assurance rose by 9.52 per cent each to close at 69k, N1.15 and 92k per share, respectively.

PZ Cussons Nigeria gained 8.57 per cent to close at N5.70,p per share.

Conversely, Royal Exchange led the losers’ chart in percentage terms by 9.84 per cent to close at 55k per share.

Oando followed with a decline of 8.51 per cent to close at N3.01, while Mutual Benefits Assurance lost 6.98 per cent to close at 40k per share.

Regency Alliance Insurance dropped 6.52 per cent to close at 43k, while Cornerstone Insurance shed 3.57 per cent to close at 54k per share.

Also, the total volume of shares transacted dipped 3.9 per cent with an exchange 205.450 million shares valued at N2.73 billion in 3,563 deals.

This was against a turnover of 213.70 million shares worth N3.23 billion transacted in 3,522 deals on Wednesday.

Transactions in the shares of Guaranty Trust Bank Holding Company topped the activity chart with 41.84 million shares valued at N1.25 billion.

Mutual Benefits Assurance followed with 14.68 million shares worth N5.89 million, while Wema Bank traded 13.18 million shares valued at N8.32 million.

Courteville Business Solutions sold 12.12 million shares worth N2.55 million, while Zenith Bank transacted 9.82 million shares valued at N233.79 million.

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