Nigerian Stocks Open Week in Red Third Time in August

By Modupe Gbadeyanka

For the third consecutive time in August 2017, the Nigerian Stock Exchange (NSE) opened trading for the week in the red zone.

The stock market only opened the week on a positive note this month precisely on Monday, August 7, 2017, and it only appreciated by 0.3 percent.

Business Post reports that the equity market closed 0.98 percent today, reversing the 0.19 percent rise recorded last Friday.

Losses posted on Monday by Mobil, Nigerian Breweries, Guinness Nigeria and 27 other stocks dragged the NSE southward.

While Mobil lost N6.55k to close at N186 per share, Nigerian Breweries fell by N4.99k to settle at N185.1k per share.

Furthermore, Guinness Nigeria deflated by N3.43k to end at N78.7k per share, GTBank declined by N1.40k to finish at N39 per share, and Conoil slumped by N1.37k to close at N27.70k per share.

However, only nine stocks appreciated in price value and were led by Total Plc, which expanded by N19.70k to settle at N236.50k per share.

It was trailed by PZ Cussons, which grew by 89k to close at N26.89k per share, and Newrest ASL Nigeria, which progressed by 27k to end at N5.68k per share.

In addition, Dangote Sugar advanced by 25k to finish at N13.90k per share, while Cutix appreciated by 10k to wrap the day at N2.11k per share.

Our correspondent reports that at the close of trading on the floor of the NSE on Monday, the All-Share Index (ASI) let go of 358.4 points to settle at 36,288.06 points, while the market capitalisation shed N123.5 billion to close at N12.5 trillion.

In addition, the volume and value of equities traded today depreciated with investors exchanging only 338.7 million shares worth N2.8 billion executed in 3,100 deals, in contrast to 422.5 million shares transacted in 3,618 deals last Friday valued at N3.3 billion.

However, Custodian and Allied Plc emerged the most traded stock, exchanging 190.6 million units at N647.9 million.

In was followed by Oando, which traded 27.3 million units worth N185 million, and Access Bank, which transacted 15 million shares valued at N151.5 million.

Furthermore, Fidelity Bank sold 13.4 million shares valued at N18 million, while Sterling Bank traded 10.8 million shares worth N10.9 million.

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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