'Downward trajectory' Investors lose N4bn to commence stock trading for July

Activities at the Nigerian stock market yesterday closed on a downward trajectory, halting the two sessions’ gaining streaks after posting N4billion loss to commence trading for the month of July.

Market analysts stated that this was due to investors’ mixed sentiments in medium and large-scale stocks.

The All-Share Index (ASI) declined by 8.72 absolute points, representing a dip of 0.02 per cent to close at 37,898.56 points, while the overall market capitalisation value lost N4 billion to close at N19.756 trillion.

The loss was driven by price depreciation in large and medium capitalised stocks such as; Guaranty Trust Bank Holding Company, Oando, Dangote Sugar Refinery, Royal Exchange and United Bank for Africa (UBA).

Analysts at Afrinvest Limited said that “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, as 20 stocks advanced while 15 declined. Tripple GEE and Company recorded the highest price gain of 10 per cent to close at 77 kobo, per share. Ikeja Hotel followed with a gain of 9.77 per cent to close at N1.46, while Computer Warehouse Group (CWG) went up 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 69 kobo, N1.15 and 92 kobo, respectively, while PZ Cussons Nigeria gained 8.57 per cent to close at N5.70, per share. On the other hand, Royal Exchange led the losers’ chart by 9.84 per cent to close at 55 kobo, 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 40 kobo, per share.

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

The total volume of trades fell by 3.9 per cent to 205.450 million units, valued at N2.732 billion, and exchanged in 3,563 deals.

Transactions in the shares of Guaranty Trust Bank Holding Company topped the activity chart with 41.836 million shares valued at N1.251 billion. Mutual Benefits Assurance followed with 14.675 million shares worth N5.889 million, while Wema Bank traded 13.182 million shares valued at N8.319 million.

Courteville Business Solutions traded 12.116 million shares valued at N2.553 million, while Zenith Bank transacted 9.823 million shares worth N233.786 million.