NSE opens July bearish with 1.05% losses

Trading activities on the floor of the Nigerian Stock Exchange (NSE) yesterday opened the month of July on the negative note, driven by sustained sell pressure, which dragged both the NSE ASI and market capitalisation down by 1.05 per cent.
The stock market had last week closed the month of June on the positive territory, resulting in the NSE All-Share Index and market capitalisation appreciating by 3.10 per cent to close the week at 33,117.48 and N11.452 trillion respectively. Consequently, the All-Share Index shed 347.68 basis points or 1.05 per cent to close at 32,769.80 index points as against 33,117.48 recorded the previous day while market capitalisation of equities depreciated by N121 billion or 1.05 per cent to close lower at N11.331 trillion in contrast to N11.452 trillion recorded last Friday.
A turnover of 162.4 million shares exchanged in 3,488 deals was recorded in the day’s trading.
The banking sub-sector of the financial services segment was the most active (measured by turnover volume); with 88.07 million shares exchanged by investors in 1,194 deals.
Volume in the sub-sector was largely driven by activities in the shares of Access Bank Plc and Fidelity Bank Plc. Also, other financial institution sub-sector, boosted by the activities in the shares of FCMB Plc and Custodian and Allied Insurance Plc followed with a turnover of 19.4 million shares in 545 deals.
The number of gainers at the close of trading session was 17 while decliners closed at 29.
Further analysis of the day’s trading showed that Honeywell Flour Mills Plc topped the gainers’ table with 9.06 per cent to close at N1.93 per share, while PZ Cussons Plc followed with 6.24 per cent to close at N24.35 per share. Livestock Feeds Plc gained 5.26 per cent to close at N1.00 per share. On the flip side, May and Baker Nigeria Plc led the losers’ chart with a drop of 9.54 per cent to close at N3.51 per share. Seven Up Nigeria Plc trailed with a loss of 9.53 per cent to close at N78.21 per share, while Unity Bank Plc dropped by 8.96 per cent to close at 61 kobo per share.

Stories Chris Ugwu