Nigeria Stock Market Opens New Week on a Negative Note
- The Nigerian stock market kicked off the new week with a poor performance as investors lost N21 billion
- Data shows that the losers' table was led by International Energy Insurance Plc, Continental Reinsurance Plc, among others
- Stocks like Access Holdings, Zenith Bank, Fidelity Bank, and United Bank for Africa were the most traded stocks
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigeria’s equities market opened the week on a negative note, by 0.03 percent or N21 billion on Monday, April 14.
Data from the Nigerian Exchange Limited (NGX) showed that the market All-Share Index (ASI) slipped to 104,529.62 points from 104,563.34 achieved on Friday, last week.
Source: Facebook
Also, market capitalisation decreased from N65.706 trillion to N65.685 trillion. On Monday.
Snapshot and prediction for the market
Banking stocks were actively traded on Monday, led by Access Holdings, Zenith Bank, Fidelity Bank, UBA and GTCO. In 14,583 deals, investors exchanged 428,163,482 shares worth N10.518 trillion.
In their view on what could shape the market on Tuesday, United Capital research analysts said:
"Looking ahead, the equities market may remain subdued due to the high interest rate environment in the fixed-income space. We anticipate that bearish sentiments will continue to persist in the background.
"The upcoming Monetary Policy Committee (MPC) meeting in May has prompted some investors to adopt a wait-and-see approach, leading to reduced activity in the equities market.
"At the same time, retail investors are engaging in profit-taking, triggering selloffs that hinder sustained upward momentum in stock prices."
Source: Facebook
Top Active Trades
- Access Holdings Plc recorded a turnover of 55.99 million shares valued at N1.15 billion.
- Zenith Bank Plc traded 55.43 million shares worth N2.76 billion.
- Fidelity Bank Plc exchanged 39.00 million shares valued at N725.87 million.
- United Bank for Africa Plc recorded 33.19 million shares worth N1.04 billion.
- Guaranty Trust Holding Company Plc traded 31.02 million shares amounting to N2.12 billion.
Top gainers
- Abbey Mortgage Bank Plc gained N0.61, rising from N6.13 to N6.74 per share (+9.95%).
- UPDC Plc gained N0.28, moving from N2.85 to N3.13 per share (+9.82%).
- Guinea Insurance Plc gained N0.06, increasing from N0.63 to N0.69 per share (+9.52%).
- VFD Group Plc rose by N8.30, climbing from N87.70 to N96.00 per share (+9.46%).
- Sovereign Trust Insurance Plc gained N0.08, rising from N0.85 to N0.93 per share (+9.41%).
Top losers
- International Energy Insurance Plc declined by N0.16, falling from N1.64 to N1.48 per share (-9.76%).
- Consolidated Hallmark Holdings Plc dropped N0.25, decreasing from N3.00 to N2.75 per share (-8.33%).
- Japaul Gold and Ventures Plc lost N0.15, moving from N2.01 to N1.86 per share (-7.46%).
- Chams Plc declined by N0.15, dropping from N2.15 to N2.00 per share (-6.98%).
- Neimeth International Pharmaceuticals Plc lost N0.20, decreasing from N2.88 to N2.68 per share (-6.94%).
Naira appreciates against dollar
Ealier, Legit.ng reported that the Nigerian currency, the naira, has improved against the United States dollar in the official market.
Data from the CBN showed that the Nigerian Foreign Exchange Market (NFEM) ended trading on Monday, April 4, at N1,605.25 a dollar.
Tuesday's exchange rate is a 0.04% depreciation for the naira compared to last Friday's exchange rate of N1,611.08.
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Source: Legit.ng
