Nigerian Stocks Open Week Bearish, Drop 0.38%

February 13, 2017
Nigerian Stocks Open Week Bearish, Drop 0.38%

Nigerian Stocks Open Week Bearish, Drop 0.38%

By Modupe Gbadeyanka

The first trading day of the week on the Nigerian Stock Exchange (NSE) closed on Monday, February 13, 2017, on a negative note with the major market indicators pointing to the red zone, reversing the upward trend achieved at the close of activities last Friday.

Business Post correspondent reports that the continuous cautious trade by investors resulted into a sell down pressure recorded Nigerian Breweries stocks, which led the stock market to a drop of 0.38 percent today.

The market recorded a higher number of losers than gainers, with only 15 stocks going up against the 17 equities that depreciated.

The market capitalisation declined by N33 billion to close at N8.74 billion, while the All-Share Index (ASI) went down by 95.73 points to finish at 25,244.29 points.

Likewise, the volume of shares exchanged today on the floor of the NSE depreciated with investors transacting a total of 142 million shares in 2,386 deals valued at N1.4 billion in contrast to 201.7 million units traded last Friday in 2,604 deals worth N2.6 billion.

Nigerian Breweries led the top declining stocks on Monday after going down by N6.25k to close at N118.75k per share, while Stanbic IBTC declined by 80k to end at N17 per share.

NASCON dropped 37k to finish at N7.3k per share, Ecobank crashed by 30k to close at N9.50k per share and CCNN tripped by 22k to end at N4.28k per share.

However, Seplat retained top spot on the gainers’ chart like it did last Friday to close at N380 per share after growing by N5, while Beta Glass progressed by N1.65k to finish at N34.72k per share to finish second on the log.

Dangote Cement went up by 90k to end at N168.1k per share, PZ appreciated by 55k to finish at N11.59k per share, while Ashaka Cement moved up by 39k to close at N11.25k per share.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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