Nigerian stock market slightly slumps after holiday
The stock market opened the week on a downturn Tuesday, with key performance indicators dropping by 0.53 per cent after the Eid-el-Kabir holiday break.
The holiday was observed on Friday and Monday resulting in an extended closure of the Nigerian Exchange Ltd.
Market capitalisation at the NGX fell by ₦378 billion, or 0.53 per cent, closing at ₦71.897 trillion, down from ₦72.275 trillion recorded on Thursday.
Likewise, the All-Share Index shed 599.27 points or 0.53 per cent, closing at 114,017.48 from the previous close of 114,616.75.
The drop followed four consecutive days of gains the previous week, mainly driven by profit-taking among investors.
In spite of the bearish trend, sentiment remained positive, with 35 stocks gaining value while 25 declined during the trading session.
Berger Paints led the gainers’ chart, rising 10 per cent to close at ₦22.55, while DAAR Communications also gained 10 per cent, finishing at 66k.
ETranzact gained 10 per cent, closing at ₦6.60. Legend Internet advanced by 9.93 per cent to finish at ₦5.87 per share.
Omatek Ventures also recorded gains, increasing by 8.22 per cent to close at 79k per share.
RT Briscoe led the losers, falling 10 per cent to ₦2.25. John Holt Plc dropped by 9.87 per cent to ₦6.85.
Beta Glass declined 9.69 per cent to close at ₦210.10, while Aradel Holdings dropped 9.09 per cent to ₦500.00. Deap Capital Management also slipped, shedding 8.16 per cent to close at 90k per share.
Total volume traded stood at 652.64 million shares valued at ₦18.88 billion, across 23,978 transactions. This was lower than Thursday’s 1.46 million shares worth ₦33.47 billion exchanged in 16,410 transactions.
Access Corporation led trading activity with 88.29 million shares worth ₦1.97 billion changing hands. Zenith Bank followed, with 49.33 million shares worth ₦2.52 billion, while GTCO moved 47.25 million shares valued at ₦3.34 billion.
Fidelity Bank traded 42.92 million shares worth ₦844.84 million. Wapic Insurance exchanged 34.997 million shares worth ₦70.56 million.
(NAN)
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