Leadership (Abuja)

Nigeria: Stock Market Down By 0.21 Percent On Christmas Eve

Low transaction on the eve of Christmas at the resumption of equity trading on the floor of the Nigerian Stock Exchange (NSE)yesterday witnessed low activity as investors prepared for the Christmas celebration.

The situation resulted in the twin market indicators, the market capitalisation and the All-Share Index plummeting by 0.21 per cent.

Specifically, the market capitalisation fell by N18 billion, while the All-Share Index went down by 55.4 basis points to close trading in the day at N8.737 trillion and 27,346.66.

Investment experts have attributed the lull in share transaction to the yuletide season, wherein majority of investors engage more in trading off their holdings for profit taking rather than in the purchase of shares.

The market last Friday, though in the laggard trend, recorded market capitalisation of N8.755 trillion and All-Share Index of 27,402.06 and a volume trade of 217.8 million worth N2.44 billion swapped in 3,710 deals, as against Monday's volume of 116.1 million valued at N1.2 billion done in 2,006 deals.

Further review of the market showed sentiment turning red for Ikeja Hotels, Livestock Field, Fidson Healthcare, John Holt and Guaranty Trust as they depreciated in value by 5.00, 4.86, 4.76, 4.76 and 4.76 per cent to close the day at N0.76, N1.37, N1.00, N3.40 and N22.25 respectively.

Conversely, Forte Oil, NPF, RT Briscoe, Japaul Oil and Transnational Corporation of Nigeria appreciated marginally by 4.90, 4.85, 3.73, 3.57 and 3.26 per cent to close trading in the day at N8.13, N1.08, N1.39, N0.58 and N0.95 respectively.

As usual, the Financial Services sector led the market transaction volume in the day with 45.6 million units valued at N483.1 million exchanged in 748 deals as against 111.2 million units valued at N950 million exchanged in 1,682 deals recorded in previous session.

Transaction volume on the Exchange moved down by -46.7 per cent to close at 116.1 million units exchanged in 2,006 deals as against a rise recorded in the previous trading day, last Friday where in volume traded rose to 217.8 million units valued at N2.44billion exchanged in 3,710 deals.

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