Nigerian Stock Market Swings Negative as Investors Take Profit
The Nigerian stock market swings negative on Monday as investors take profit following selloffs in mid as well large capitalised stocks but with investors seen positioning for interim dividend in Access Bank, others.
The bearish sentiment dragged performance indicators 0.02 per cent following sell-off in highly capitalized consumer goods companies, such as MAYBAKER, FLOURMILL and DANGSUGAR.
Consequently, the All-Share Index dipped by 8.12 basis points, representing a 0.02 per cent decrease to close at 39,252.89. Equity market capitalisation lost ₦4.23 billion to close at ₦20.45 trillion but activities level in the local bourse show mixed outturn.
The total volume traded appreciated by 17.00%, while the value traded depreciated by 19.74 per cent. A total of 210.95 million units of shares valued at ₦1.38 billion were traded in 3,989 deals.
ACCESS Bank stock topped the volume chart, accounting for 14.47 per cent of the total volume of trades, followed by MBENEFIT (12.72%), SOVRENINS (10.13%), UNIVINSURE (6.14%), and HONYFLOUR (6.12%) to complete the top five on the volume chart.
Also, ACCESS bank emerged as the most traded stock in value terms, with 20.39 per cent of the total value of trade on the exchange.
Read Also: Nigerian Exchange Swings as Total Announces Interim Dividend
LINKASSURE topped the gainers’ table with price appreciation of 8.93 per cent, followed by ETI (5.77%), UACN (4.76%), HONYFLOUR (3.31%), UCAP (2.18%), OANDO (1.97%), ACCESS (1.09%), ZENITH BANK (0.61%) and thirteen others.
GLAXOSMITH topped the decliners’ table as its share price declined by 9.56 percent to close at ₦6.15, as CHIPLC (-8.62%), FLOURMILL (-4.17%), AFRIPRUD (-3.20%), DANGSUGAR (-2.25%), UBA (-1.94%), STANBIC (-1.38%) and WEMABANK (-1.18%) amongst others also decline in price.
The market breadth closed positively with 21 gainers as against 15 losers.
“We expect the market to upturn the negative sentiment in the next trading session as the 365-Tenor yield rate dropped further to 6.87% in the fixed income market”, Atlass Portfolios estimated.
Nigerian Stock Market Swings Negative as Investors Take Profit
