UBA, Access, UCAP drag market cap down by N51bn

By Abubakar Yunusa

The stock market opened on a negative note on Monday, recording N51 billion loss for investors.

Specifically, the market capitalisation, which opened at 64.303 trillion, closed at 64.252 trillion and representing 0.08 per cent.

The All-Share Index also declined by 0.08 per cent or 84 points to close at 105,367.25, as against 105,451.06 posted on Friday.

However, the Year-To-Date (YTD) return advanced by 2.37 per cent.

Selloffs in United Bank For Africa (UBA), Access Corporation, alongside Transnational Corporation and United Capital pulled the market performance down.

The market breadth also closed negative with 33 losers and 25 gainers.

Lasaco Assurance led the losers’ chart by 10 per cent to close at N3.24, and Northern Nigeria Flour Mills trailed closely by 9.99 per cent to close at N41 per share.

X-Academy dropped 9.85 per cent to close at N2.93, ABC Transport shed 9.76 per cent to close at N1.11 and RT Briscoe declined by 9.73 per cent to close at N2.32 per share.

Conversely, CAP Plc led the gainers chart by 10 per cent to close at N41.80, and Neimeth International Pharmaceutical followed by 9.96 per cent to close at N2.87 per share.

Livestock Feeds gained 9.90 per cent to close at N5.55 Secure Electronic Technology Plc added 9.88 per cent to close at 89k, while International Energy Insurance increased by 8.33 per cent to close at N2.21 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 58.10 per cent.

A total of 505.8 million shares valued at N8.13 billion were exchanged in 14,255 deals, compared with 1.48 billion shares valued at N19.39 billion traded in 12,877 deals posted, previously.

Tantalizers led the activity chart in volume with 48 million shares, while Guaranty Trust Holding Company(GTCO) led in value of deals worth N1.42 billion.