The Nigerian equity market at the close of Monday’s transactions shed 21 basis
points (bps) to kick off the second week of September on a negative note.
Market lead indicator – the All-Share Index (ASI) shed 56.73 absolute points, representing a decline of 0.21 percent to close at 27,089.84 points.
Similarly, market capitalization depreciated by N27.60 billion against its previous close, representing a decline of 0.21 percent to close at N13.18 trillion.
Consequently, year-to-date negative performance degenerated to 13.81 percent.
The dip was largely impacted by losses recorded in mid and large
capitalised stocks such as NESTLE (-5.72%), DANGSUGAR (-2.85%), STANBIC-
IBTC (-2.70%), and ACCESSBANK (-1.45%).
Activity level closed downbeat with total transacted volume and value up and down 6.67 percent and 33.27 percent respectively.
Market analysts at Imperial asset managers noted that although, the market’s recent mood has been significantly tepid, they expect bargain hunting on stocks that have witnessed significant price depreciation
to be prominent this week.
Market breadth closed slightly upbeat with a total of 15 advanced stocks against 14 declined ones, representing an investors’ sentiment of 1.07x compared to 1.0x recorded on Friday.
UAC-PROP Plc emerged the top gainer while Livestock Feeds Plc., emerged as top loser.