Local Stocks Lose N49bn to Open Week Bearish

By Dipo Olowookere

The first trading day of this week started off on a wrong foot on Monday as a result of the profit-taking activities witnessed at local stock market, which resulted in the market closing the trading session 0.36 percent lower to expand the year-to-date loss to 3.53 percent.

Business Post observed that the loss posted by the market yesterday was as a result of the poor performances of the sectors on the Nigerian Stock Exchange (NSE).

Apart from the insurance sector, which slightly appreciated by 0.02 percent, every other sector closed under water.

The industrial sector was the most hit on Monday, going down by 2.35 percent, while the consumer goods sector followed with a decline of 0.62 percent. The oil and gas industry fell yesterday by 0.21 percent, while the banking sector went down by 0.10 percent.

During trading on Monday, the All-Share Index (ASI) went down by 109.94 points to close at 30,322.19 points, while the market capitalisation depreciated by N49 billion to finish at N13.354 billion.

The market breadth ended negative on Monday as a result of the 20 price losers and 15 price gainers printed by the market.

Unilever Nigeria topped the losers’ chart yesterday with a price depreciation of N2.35k, which made the stock to close at N28.60k per share.

CCNN lost N1.50k to finish at N13.50k per unit, while MTN Nigeria went down by 50 kobo to settle at N136 per share.

Dangote Flour declined by 40 kobo to close at N16 per unit, while NAHCO depreciated by 33 kobo to finish at N3.06k per share.

On the flip side, the share price of Forte Oil went up by 75 kobo on Monday to close at N26.50k per unit.

It was followed by UAC property, which recorded a 15 kobo price appreciation to end at N1.65k per unit, and GTBank, which rose by 10 kobo to close at N30.50k per share.

UAC Nigeria went up by 10 kobo yesterday to finish at N6.40k per share, while Flour Mills appreciated by 5 kobo to end at N13.95k per share.

A look at the level of activities at the market yesterday showed that things were not gloomy. The volume and value of shares traded by investors depreciated by 19.04 percent and 10.75 percent respectively.

While the volume of transactions went down to 247.4 million, the value declined to N3.5 billion from N3.9 billion.

Zenith Bank emerged the most traded stock on Monday, with a turnover of 70.3 million equities sold for N1.4 billion.

GTBank followed with 23.1 million units traded for N706.1 million, and Ecobank, which exchanged 18.1 million shares worth N177.7 million.

Custodian Investment transacted 15.7 million shares valued at N95 million, while FBN Holdings traded 11.5 million shares for N80.3 million.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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