Equity market on Monday maintained the downward trend seen on Friday, as the Nigerian Stock Exchange (NSE) All Share Index (ASI) declined by 0.27%. The decline is largely due to the price adjustment of MTNN and Flourmill for the dividends of N3.50 and N1.40 per share as recommended by the board of directors of the companies.
The share price of MTNN was adjusted to N115.50 from N119.00 per share while Flourmill price was adjusted to N18.30 from N19.70 per share.
In addition to the price adjustment, on the decliners table are Dangote cement (-0.74%), UACN (-2.78%) Guaranty (0.20%) etc.
The Market capitalization dropped by N35.038 billion to N13.111 trillion, with ASI settling at 25,132.67.
The volume and value of shares traded nosedived by 66.59% and 59.20% respectively compared to Friday figures.
On Monday, 161,231,804 units of shares valued at N1,845,860,367.05 were traded in 3,597 deals, in contrast to 482,518,333 units of shares worth N4,524,421,447.00 which exchanged hands in 3,897 deals on Friday.
The activity chart in both volume and value was led by the shares of Guaranty, with 19,033,258 units of shares valued at N472,192,007.20 exchanged in 231 deals.
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Three indices under our watch appreciated while two declined on Monday.
Insurance Index rose by 2.89% to close at 126.94 due to gains in Mansard and Lasaco
Oil and Gas Index rose by 0.49% to close at 190.02 as a result of 9.41% gain in Ardova
Consumer Index rose by 0.23% to close at 415.43 mainly due to 10.00% rise in Unilever
Industrial Index declined by 0.38% to close at 1,112.58 dragged by the loss recorded by Dangote Cement
Banking Index declined by 0.24% to close at 291.58 as Guaranty, ETI Access graced the decliners table.
Investor sentiment improved to 1.13x as 17 stocks advanced on Monday while 15 declined in prices, compared to 11 stocks which advanced on Friday with 23 declining.
Top five gainers by percentage with the closing prices are; Unilever (10.00%; N13.75), NNFM (9.82%; N4.25), JBerger (9.63%; N16.50), Mansard (9.43%; N1.74), and Ardova (9.41%; N13.95).
Top five decliners by percentage are; Livestock (-8.33%; N0.55), Vitafoam (5.22%; N5.45), Intbrew (-3.51%; N2.75), Honyflour (-3.16%; N0.92), and Cutix (-2.78%; N1.75)
- Read also; Forex Forecast for the week ending 16th to 20th August 2020
- Nigerian Stock Market Review and Stock pick for the week ahead 17th Aug. – 21st Aug. 2020
Analysts’ view at Investogist; We maintain our negative outlook to the market in the short and medium term.
Written by;
Ifunanya Ikueze
