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Nigerian stock exchange resumes after Christmas break with N238bn loss



The Nigerian stock market resumed trading on Wednesday after the Christmas holidays with a loss of Naira 238 billion due to profit taking.

Specifically, the market capitalization that opened at N22.060 billion lost N238 billion or 1.08 percent to close at N21.822 billion.

In addition, the All-Share Index advanced 455.75 points or 1.08 percent lower to close at 41,807.10 compared to 42,262.85 reached on Friday.

Consequently, the month-to-date loss increased to 3.3 percent, while the year-to-date gain moderated to 3.8 percent.

The market resumed its commercial activities after the public holidays of December 27 and 28 declared by the federal government on the occasion of the celebration of Christmas and Saint Stephen.

The negative market performance was driven by price depreciation in large and mid-cap stocks that are: BUA Cement, MTN Nigeria Communications (MTNN), PZ Cussons, May & Baker and Ecobank Transnational Incorporated.

Market sentiment was slightly positive with 17 winners relative to 16 losers.

BUA Cement led the losers chart by 10 percent to close at N67.05 a share.

May & Baker followed with a fall of 9.98 percent to close at N4.06, while PZ Cussons lost 8.96 percent to close at N6.10 per share.

Jaiz Bank was down 8.06 percent to close at 57k, while UPDC Real Estate Investment Trust lost 6.25 percent to close at N3.75 a share.

By contrast, Union Bank of Nigeria boosted the winners chart in percentage terms by 9.91 percent to close at N6.10 per share.

Royal Exchange followed with 9.09 percent to close at 84,000, while Sovereign Trust Insurance rose 7.69 percent to close at 28,000 a share.

Livestock Feeds rose 6.86% to close at N2.18, while Caverton Offshore Support Group appreciated 2.99% to close at N1.72 per share.

However, the total volume traded increased by 61.10 percent with an exchange of 180,182 million units valued at N1.48 billion exchanged in 3,828 deals.

This contrasts with 111.84 million shares worth N911.92 million traded in 2,072 transactions on Friday.

Transactions with Jaiz Bank shares topped the activity chart with 17.65 million shares valued at N10.53 million.

Union Bank followed with 16.80 million shares worth N101.83 million, while UACN traded 12.88 million shares valued at N123.52 million.

Transcorp sold 11.39 million shares worth N11.25 million, while Sovereign Trust Insurance transacted 9.99 million shares valued at N2.78 million.


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