Bears Stalk Nigerian Stocks Rally

Trading activities at the floor of the Nigerian stock exchange still looked south on Monday, following from its bearish form from the previous week. That is despite its struggle to raise its rally level which began last week Wednesday. Obviously, the rally was not enough to raise Monday’s exchange bar which ended southward, culminating in a N21b loss with index benchmark at 0.10.
Market capitalisation dipped at N20 billion or 0.10 per cent, to close at N20.164t against Friday’s trading which stood at N20.184. In addition, the ASI shed 39.70 points or 0.10% to close at 38,686.40 against Friday’s 38,726.10. Generally, Monday’s downward trend at the bourse, particularly in large and medium capitalised stocks is said to be driven by price depreciation.
Despite the general negative trend, a number of stock came up with top gains. Chief among them are Morrison, Conoil, Veritas Kapital, Africa Prudential and Royal Exchange, each of which appreciated by 9.73% at N1. 24; 9.6% at N20. 50; 8.33% at N0. 26; 7.63% at N6.35 and 6.94% at N0. 77 respectively.
Coming tops at the loser’s end are Juli stocks which went down by 9.93% to close at N1.36 and CWG which shed 9.80% to end the day’s trade at N1.38. Others are Japaul Gold, down by 8.47% to close at N0.54; Honeywell Flour with 5.69% at N1.16 and SAHCO, 5.11% at N3.16 respectively.
Five top traders also emerged at Monday’s exchange with a cumulative 210.752 million shares valued at N1.500 billion, traded in 3,958 deals. FBN Holdings was the most active, notching up 180 deals over which it exchanged 16.640 million shares for N121.039 million. WAPIC came second with 16.476 million shares worth N9.062 million in 47 transactions with Chams coming up at number three, trading 16.232 million shares at N3.318 millions in 27 trade deals. Zenith came fourth having traded 15.944 million shares at N365.897 million in 348 exchanges as Japaul Gold took the fifth position, racking up 13.175 million shares at N7.164 million in 60 deals.
Analysts are of the view that the negative breath is likely to continue over the trading week in the wake of federal government’s suspension of Twitter.

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