Nigerian Stocks Begin Week in Red With 0.81% Loss

By Modupe Gbadeyanka

The Nigerian Stock Exchange (NSE) resumed trading activities on Monday on a bearish note, closing 0.81 percent lower to trim the year-to-date return to 32.71 percent.

Profit taking by investors as well as losses recorded by Nestle, Dangote Cement and 24 other equities left the market in red.

In addition, market activity was dull today with volume and value of shares traded on the floor of the NSE pointing south.

A total of 114.8 million shares exchanged hands on Monday in 3,232 deals worth N2.2 billion compared with 152.5 million shares transacted in 4,079 deals last Friday valued at N3 billion.

However, Zenith Bank emerged the most active stock at the market today, trading a total of 19.8 million worth N463.5 million.

It was trailed by Access Bank, which sold 12 million shares for N117 million, and UAC Prop, which traded 10.4 million shares valued at N30.6 million.

Diamond Bank exchanged 6.8 million shares at N8 million, while C&I Leasing transacted 6.3 million shares valued at N6.7 million.

The All-Share Index (ASI) lost 292.3 points today to settle at 35,664.94 points, while the market capitalisation shed N101 billion  to close at N12.3 billion.

On the price movement chart, Total Plc led the 20 advancers today with N2.2k rise, closing at N235 per share.

UACN followed with a 40k gain to settle at N15 per share, and Ecobank rose by 32k to finish at N18 per share.

NASCON expanded by 30k to end at N13.30k per share, while Forte Oil moved up by 29k to wrap the day at N49.99k per share.

However, Business Post reports that Nestle shed N10 to close at N1,210 per share, while Dangote Cement lost N5 to finish at N210 per share.

Okomu Oil declined by N3.10k to end at N59.90k per share, Flour Mills of Nigeria depreciated by N1 to finish at N29 per share, and GTBank fell by 74k to close at N37.80k per share.