Stock market sees mixed grill in Monday performance, wins in some areas, loses in others

By Taiye Olayemi, NAN

The stock market on Monday – yesterday, March 17 – recorded mixed performances.

Specifically, the market capitalisation shed a marginal loss of N8 billion or 0.01 per cent to close at N66.343 trillion from N66.351 trillion recorded on Friday.

However, the All-Share Index dropped by 0.15 per cent or 155.96 points to close at 105,799.17 against 105,955.13 posted on Friday.

The difference in the performance indices was due to the listing of Sterling Financial Holding Company Plc’s 16,666,666,667 ordinary shares of 50k each at N4.50 per share, through Private Placement on the exchange.

Meanwhile, the market breadth closed negative with 35 losers and 18 gainers.

On the losers’ chart, eTranzact International declined by 10 percent, to close at N5.85 per share, while Sunu Assurance dropped by 9.92 percent, to close at N4.63 per share.

Prestige Assurance lost by 8.26 percent, to close at N1.00 and Sovereign Trust Insurance declined by 7.77 percent, to close at 95k.

Similarly, Red Star Express fell by 7.76 percent, to close at N5.35 per share.

On the gainers’ chart, X Academy soared by 9.92 percent, to close at N2.88 per share, while Neimeth International Pharmaceutical gained by 8.43 percent, to close at N2.70 per share.

Tantalizer increased by 6.83 percent, to close at N3.13 per share and Dangote Sugar soared by 4.71 percent, to close at N36.70 per share.

Also, Stanbic gained by 4.24 percent, to close at N61.50 per share.

A total of 477.51 million shares worth N7.049 billion were exchanged across 13,520 transactions.

This is compared to 750.56 million shares worth N11.056 billion that were exchanged across 10,584 transactions recorded at the previous section.

Transactions in the shares of Jaiz Bank topped the activity chart with 197.42 million shares worth N606.15 million.

Zenith Bank followed with 25.976 million shares valued at N1.235 billion while Sovereign Trust Insurance traded 19.26 million shares worth N18.525 million.

Prestige Assurance sold 18.542 million shares valued at N18.991 million and Fidelity Bank transacted 15.895 million shares worth N27.047 million.

Stockbrokers at Atlass Portfolios Ltd. attributed the market performance to the additional listing rather than widespread sell-offs.

“Beyond the impact of the new listing, the market downturn was driven by profit-taking activities in key stocks across major market sectors,” he said.