Business
THE Nigerian equity market opened the week with N111 billion loss recorded for investors, amid supplementary listing of eight billion ordinary shares of Japaul Gold and Ventures Plc.
Specifically, the Nigerian Exchange Ltd.(NGX) market capitalisation, which opened at N55.394 trillion, shed N111 billion to close at N55.283 trillion.
The All-Share Index also declined by 0.24 per cent or 228 points to close at 96,205.84 points, as against 96,433.54 points reported on Friday.
As a result, the Year-To-Date (YTD) return declined by 28.66 per cent.
However, market breadth closed positive with 34 gainers and 20 losers.
The major drivers of the market relapse included Transnational Power, alongside Tier-one banks, such as Zenith Bank and Access Corporation.
On the gainers table, Eterna and Tantalizers led by 10 per cent each to close at N33 and 77k per share respectively.
Oando followed by 9.95 per cent to close at N89.50, FTN Cocoa gained 9.93 per cent to close at N1.66 and UACN rose by 9.81 per cent to close at N22.95 per share.
Conversely, Julius Berger led the losers’ table by 10 per cent to close at N153.45, Transpower trailed by 9.99 per cent to close at N310.70 per share.
McNichols lost 9.40 per cent to close at N1.35, UPL declined by 8.99 per cent to close at N2.43,while Cutix went down by six per cent to close at N2.82 per share.
Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 21.82 per cent.
Investors traded 774.38 million shares valued at N14.65 billion in 10,412 deals, compared with 392.51 million shares valued at N12.02 billion exchanged in 7,981 deals posted in the previous session.
Meanwhile, on the activity chart, Jaiz Bank emerged as the most traded stock in volume with 247.04 million shares, while Zenith Bank led in value value with N6.42 billion.
In a prediction of trading for the week, Analysts at Cowry Asset Management Ltd., said they expected mixed sentiment to rule the market activities.
The analysts predicated that this would occur with position-taking and portfolio reshuffling likely to intensify as market players await the half-year publication of interim dividend paying banks.
“From a technical perspective, the NGX is showing signs of recovery as indicated by the candlestick formations and momentum indicators.
“Equity investors are poised to capitalise on pullbacks to acquire value stocks.
“Nevertheless, we continue to advise investors to focus on fundamentally sound stocks,”they said.(NAN)
A.I
Sept. 10, 2024
Tags: Japaul Gold Nigerian Exchange Ltd.
