Sunday, August 7, 2022

Stock market resumes with N238 billion loss

BUA Cement led the losers’ chart by 10 per cent to close at N67.05 per share.

• December 29, 2021
Stock Market
Nigerian Stock Market trade floor (Photo Credit: Bloomberg)

The Nigerian stock market resumed trading on Wednesday after the Christmas holidays with a loss of N238 billion due to profit taking.

Specifically, the market capitalisation which opened at N22.060 trillion lost N238 billion or 1.08 per cent to close at N21.822 trillion.

Also, the All-Share Index inched lower by 455.75 points or 1.08 per cent to close at 41,807.10 against 42,262.85 achieved on Friday.

Accordingly, month-to-date loss increased to 3.3 per cent, while the year-to-date gain moderated to 3.8 per cent.

The market’s negative performance was driven by price depreciation in large and medium capitalised stocks which are: BUA Cement, MTN Nigeria Communications (MTNN), PZ Cussons, May & Baker and Ecobank Transnational Incorporated.

Market sentiment was slightly positive with 17 gainers relative to 16 losers.

BUA Cement led the losers’ chart by 10 per cent to close at N67.05 per share.

May & Baker followed with a decline of 9.98 per cent to close at N4.06, while PZ Cussons lost 8.96 per cent to close at N6.10 per share.

Jaiz Bank declined 8.06 per cent to close at 57k, while UPDC Real Estate Investment Trust shed 6.25 per cent to close at N3.75 per share.

Conversely, Union Bank of Nigeria drove the gainers’ chart in percentage terms by 9.91 per cent to close at N6.10 per share.

Royal Exchange followed with 9.09 per cent to close at 84k, while Sovereign Trust Insurance rose by 7.69 per cent to close at 28k per share.

Livestock Feeds was up by 6.86 per cent to close at N2.18, while Caverton Offshore Support Group appreciated by 2.99 per cent to close at N1.72 per share.

However, the total volume traded increased by 61.10 per cent with an exchange of 180.182 million units valued at N1.48 billion exchanged in 3,828 deals.

This was in contrast with 111.84 million shares worth N911.92 million traded in 2,072 deals on Friday.

Transactions in the shares of Jaiz Bank topped the activity chart with 17.65 million shares valued at N10.53 million.

Union Bank followed with 16.80 million shares worth N101.83 million, while UACN traded 12.88 million shares valued at N123.52 million.

Transcorp sold 11.39 million shares worth N11.25 million, while Sovereign Trust Insurance transacted 9.99 million shares valued at N2.78 million. 

NAN

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Faith

Muslim lifestyle expo holds in Indonesia

The trade fair would attract tens of thousands offline visitors and millions of online viewers from various countries, organisers say.

Agriculture

Yobe distributes UNDP-assisted inputs to 500 farmers

Mr Goje said the support was part of United Nations Development Programme (UNDP) and Yobe State Government Early Recovery Project.

Census

NationWide

Nigerians give advice on Census 2023

Mr Nwagou suggested that the statistics gathered should be used to effect positive change in the country.

Agriculture

60% of Nigerian youths should be in Agriculture: Beauty pageant

Ms Odida said that most youths were not aware of the abundant opportunities in the agricultural sector.

Abuja

Banning Okada in Abuja would increase poverty, crime rate, residents warn

In separate interviews, some residents advised the federal government to rescind the decision.

Economy

Experts seek manufacturing boost as Sylva says high crude prices bad for Nigeria 

The Nigeria Economic Summit Group (NESG) published its macroeconomic outlook this week.