The Nigerian equities market begins the week, yesterday on a negative note with 0.13 per cent decline.
The NSE All-Share Index (ASI) shed 35.88 absolute points or 0.13 per cent to close at 27,598.54 points. Similarly, the market capitalisation depreciated by N12 billion to close at N9.479 trillion.
Capital market analysts attributed yesterday’s negative performance broadly driven by profit taking as expectations of the Apex Bank’s announcement on a flexible exchange rate policy stifles momentum.
They said, “Outlook for the week is expected to be soft as the market continues to anticipate clarity from the CBN on the new exchange rate regime which was proposed to be announced after the May MPC meeting.
“Market activities will be largely driven by speculation as investors bet on stocks with attractive short-term upside amid weakening macroeconomic indicators and hazy outlook.”
Market breadth was negative with 16 gainers and 24 losers. Union Dicon led the gainers’ table with 10.22 per cent, to close at N13.70 per share. Mansard Insurance followed with a gain of 5 per cent to close at N2.10, while Ashaka Cement advanced by 4.99 per cent to close at N21.03 per share.
Nascon gained by 4.75 per cent to close at N8.38, while Transcorp went up by 4.48 per cent to close at N1.40 per share.
On the other hand, Vita Foam led the laggards’ table by 6.32 per cent to close at N4.15 per share. Diamond Bank trailed with a loss of 6.28 per cent to close at N2.09, while May & Baker declined by 5 per cent to close at N1.14 per share.
Stanbic IBTC declined by 4.95 per cent to close at N14.97, while Union Bank shed by 4.94 per cent to close at N5.20.
Also, activity level trended southward as volume and value traded shed marginally by 0.4 per cent apiece to close at 142.2 million units and N1.4 billion respectively.
Source : Leadership