by JEROME USHAKANG:
Sluggish activities in the capital market is yet to be abated as total investment lost in the month of April climaxed at N713 billion.
The nation’s stock market recorded also lost N135 billion last Month, the heavy losses were recorded on Tuesday April 30, 2019, the last trading day of the Month.
Specifically, on the last trading of the month, the All-Share Index (ASI) declined by 1.22 percent to close at 29,159.74 points as the gains recorded in 26 stocks were offset by major losses recorded in 19 stocks.
Major losses were recorded in some blue chip companies including Dangote Cement Plc, Nestlé Nigeria Plc and Stanbic IBTC Holdings Plc.
According to market statistics of the last trading day of last month, a total of 543.924 million Ordinary shares valued at N8.2 billion were traded in 4,682 deals, representing 87.4 per cent and 278.8 per cent increase in volume and value traded, respectively, as the year-to-date return worsened to -7.22 per cent.
The stock market opened the month of April with a market Capitalisation of N11.672 trillion and an All Share Index of 31,041.42 points.
However, it closed with a market capitalisation of N10.959 trillion and ASI of 29,159.74points on the last trading day of the month.
Market statistics showed that the top traded stocks by volume were: Cement Company of Northern Nigeria Plc (CCNN) 132.328 million units, FBN Holdings Plc(FBNH)68.783 million units, Unilever Nigeria Plc 50.470 million units, Guaranty Trust Bank Plc(GTBank) 41.441 million units and Dangote Flour Plc 37.882 million units.
On the other hand, the top traded stocks by value were: Cement Company of Northern Nigeria N1.86billion, Unilever N1.56billion, GTBank N1.38billion, Dangote Flour (N712m) and FBN Holdings N497million.
Performance across sectors was largely bullish as three of five indices closed on a positive note.
The Oil and Gas index was the highest gainer, with a growth of 1.50 per cent following buying interest in Seplat Petroleum Development Company Plc and Forte Oil Plc.
The Insurance index increased by 0.11 per cent on the back of major gains recorded in Lasaco Assurance Plc, while the banking index recorded a marginal gain of 0.08 per cent due to major gains in Zenith Bank Plc and Access Bank Plc.
However, the Industrial Goods index led the laggards as it was down by 3.19 per cent as a result of profit-taking activities in Dangote Cement Plc and Cement Company of Northern Nigeria.
Similarly, the Consumer Goods index declined by 0.67 per cent as a result of major losses witnessed in Nestlé and Dangote Sugar Refinery Plc.
Despite loss of billions, a market operator at Apt Securities and Funds limited hinted that the stock market will record bargain hunting activities, but added that while it’s not a talent possessed by many, some sure knows how to pick stocks that are worth more than they are valued in the market.
In the same vein, Market Analysts at Afrinvest Securities Limited said there will be activities of such, though the analysts didn’t state to what extent the bargain hunting activities will be.
According to him,“In the near term, we expect to see bargain hunting activities due to the attractive entry prices of several fundamentally-sound stocks in the market, although this may be short-lived in the abs
Meanwhile, the April monthly report said Investor sentiment, as measured by market breadth reflecting advance/decline ratio, strengthened to 1.4x from 1.0x recorded at the end of trading activities last month in contrast to market statistics of first Monday in May.