Stock market closes Januar y with N1.1 trillion loss

FOLLOWING losses suffered by many highly capitalised stocks, especially MTNN and Conoil, the Nigerian stock market yesterday sustained bearish sentiments, as market capitalisation fell by N1.068 trillion to close trading for the month of January on losses in MTN Nigeria Communications ( MTNN) Plc and 56 others.

As a result, the All Share Index ( ASI) lost by 1,955.69 points, representing a loss of 1.90 per cent to close at 101,154.46 points. Also, market capitalisation declined by N1.068 trillion to close at N55.358 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; MTNN , Conoil, NASCON Allied Industries, Dangote Sugar Refinery and Guaranty T rust Holding

Company ( GTCO).

As measured by market breadth, market sentiment was negative, as 11 stocks gained relative to 57 losers. PZ Cussons Nigeria and Tripple Gee and Company recorded the highest price gain of 9.97 per cent each to close at N33.10 and N3.42 respectively, while Geregu Power followed with a gain of 9.69 per cent to close at N568.

Mcnichols went up by 9.66 per cent to close at N1.59 kobo, while Veritas Kapital Assurance appreciated by 9.09 per cent to close at 60 kobo, per share. On the other hand, Lafarge Africa, May & Baker Nigeria, Royal Exchange, Transnational Corporations ( Transcorp), UPDC, Zenith Bank and Sterling Financial Holdings Company led the losers’ chart by 10 per cent each to close at N36.00, N6.21, 72 kobo, N12.96, N1.80, N35.10 and N5.67 respectively, per share.

Conoil followed with a decline of 9.98 per cent to close at N101.00, while Japaul Gold & Ventures depreciated by 9.97 per cent to close at N2.62, per share.

The total volume traded increased by 15.44 per cent to 749.128 million units, valued at N22.492 billion, and exchanged in 14,288 deals. Transactions in the shares of Transcorp topped the activity chart with 79.679 million shares valued at N1.062 billion. United Bank for Africa ( UBA) followed with 61.336 million shares worth N1.551 billion, while Zenith Bank traded 61.176 million shares valued at N2.257 billion.

Guaranty Trust Holding Company ( GTCO) traded 47.913 million shares valued at N1.839 billion, while Access Holdings sold 43.489 million shares worth N1.044 billion.