By Nse Anthony-Uko
(Sundiata Finance) – The Nigerian equities market, on Monday, opened the month of July and also the week with a 1.05 per cent decline.
Overall, the All Share Index (ASI) declined 347.68 absolute points, representing a decline of 1.05 per cent to close at 34,135.10 points. Similarly, the market capitalisation gained N120 billion, to close at N11.332 trillion.
The downturn was impacted by losses recorded in large capitalised stocks, amongst which are; Total Nigeria, Mobil, Seven Up, Presco and Guinness Nigeria. Capital market analysts stated that, “Whilst we reckon that the performance of the equities market will remain largely driven by the positive macroeconomic developments in the past three months, we do not eliminate the possibility of some profit taking in the early trading sessions this week. Hence we advise that investors take advantage of fundamentally sound stocks that have fallen to attractive entry prices.”
Market breadth was negative, with 17 gainers versus 29 losers. Honeywell Flour recorded the highest price gain of 9.66 per cent, to close at N1.95 per share. PZ Industries Breweries followed with a gain of 6.24 per cent to close at N24.35, Livestock appreciated by 5.26 per cent to close at N1.00 per share, while Skye Bank and Cutix went up by five percent each to close at 63 kobo and N2.10 per share, respectively.
On the other hand, May and Baker led the losers’ chart by 9.54 per cent, to close at N3.51 per share. Seven Up followed a decline of 9.53 per cent to close at N78.21, Unity Bank depreciated by 8.96 per cent to close at 61 kobo, while Total Nigeria and Berger Paints declined by five percent each, to close at N266 and N6.84 per share, respectively.
Also, the total volume traded depreciated by 53.1 per cent to 162.354 million shares, worth N1.517 billion, and traded in 3,488 deals. Transactions in the shares of Access Bank topped the activity chart with 20.9 million shares valued at N197.40 million. Fidelity Bank followed with 16.03 million shares worth N20.89 million, while UBA traded 14.61 million shares valued at N125.86 million. Transcorp traded 11.57 million shares valued at N16.27 million, while Zenith Bank sold 8.89 million shares worth N184.56 million.