By Dipo Olowookere

Trading at the local stock market started off on a bearish note on Monday with 26 equities recording various price declines.

Beta Glass topped the laggards’ chart at the close of transactions today with N7.80k of its share price lost to profit taking to close at N78 per share.

Following Beta Glass on the log was Okomu Oil, which went down by N2.90k to finish at N73.10k per share, and Nigerian Breweries, which depreciated by N2.10k to end at N100.90k per share.

Flour Mills declined today by N1.40k to finish at N24.60k per share, while Dangote Cement fell by N1 to settle at N228 per share.

Business Post reports that the market breadth ended negative as only 21 equities appreciated at the close of business on Monday.

The top gainers’ table was mounted by Lafarge after adding N2.50k to its share value to close at N30.50k per share.

This was followed by Ecobank, which rose by 90 kobo to finish at N22 per share, and United Bank for Africa (UBA), which improved by 25 kobo to end at N9.70k per share.

Oando gained 15 kobo to settle at N5.75k per share, while Forte Oil also appreciated by 15 kobo to finish at N23.55k per share.

It was observed that the mood at the Nigerian Stock Exchange (NSE) on Monday was mixed despite the loss recorded.

Business Post reports that investors were not too happy with the half year earnings of Zenith Bank released today.

The lender posted a sharp decline of over 15 percent in its gross earnings, but its profit appreciated by over 8 percent. The Tier-1 bank also declared an interim dividend of 33 kobo per share, which some said was enough to pacify shareholders.

At the close of transactions today, the stock market marginally closed 0.06 percent lower with the Year-to-Date (YtD) returns closing at -4.61 percent.

The All-Share Index (ASI), which closed at 36,499.67 points last Friday, depreciated on Monday by 20.25 points to settle at 36,479.42 points, while the market capitalization finished at N13.315 trillion after reducing by N7 billion.

A look at the sector performance showed that the NSEIND gained 2 percent, NSEINS10 rose by 1.03 percent, NSEBNK10 appreciated by 0.86 percent and NSEOILG5 increased by 0.42 percent.

However, the only sector that recorded a loss today was the Consumer Goods sector (NSEFBT10), which went down by 0.93 percent. This was mainly influenced by the losses recorded by two of the big boys in the arm, Nigerian Breweries and Flour Mills.

Business Post reports that the volume and value of shares transacted by investors on Monday depreciated by 31.57 percent and 52.21 percent respectively.

While the volume of share went down to 182.3 million from 266.4 million, the value declined to N2 billion from N4.3 billion.

The trades were dominated by financial stocks, which accounted for 126.6 million units worth N958 million, while the equities in the Healthcare sector followed with 14.5 million shares exchanged for N8 million.

United Bank for Africa topped the activity chart with a total of 21.7 million shares worth N208.1 million exchanging hands during the day’s trading.

It was followed by United Capital, which sold 20.4 million units valued at N58.3 million, and Regency Alliance Insurance, which transacted 16.9 million shares worth N4 million.

Access Bank traded 13.9 million equities for N138.7 million, while Union Diagnostic & Clinical Services exchanged 12.7 million shares valued at N4.6 million.

With the market recorded a slight loss today, investors would be hopeful that the bulls will resurface tomorrow.

https://www.businesspost.ng/2018/08/06/26-stocks-drag-nigerian-market-slightly-lower-by-0-06/