Nigerian stock market opens week bearish, contracts by 0.40%

The Nigerian stock market started the week in a negative territory as the All-Share Index moderated by 0.40 per cent to close at 38,712.55 basis points amid renewed profit-taking activity.

The market capitalisation which opened at N20.34tn fell to close at N20.29tn, leaving investors with a loss of N75.24bn.

At the close of the day’s trading, the year-to-date loss of the ASI rose to -3.85 per cent as 20 stocks declined against 15 stocks that gained.

Stanbic IBTC Holdings, Okomu Oil Palm Company, Guinness Nigeria, Nigerian Breweries and United Bank for Africa shares moderated by 9.94 per cent, 3.23 per cent, 9.93 per cent, 1.76 per cent and 0.71 per cent as investors booked profit.

Sectoral Performance was weak as three out of the five indices tracked closed in the red zone.

While the insurance, consumer goods and oil and gas indices declined by 0.80 per cent, 0.10 per cent and 0.12 per cent respectively, and the banking index rose by 0.20 per cent, the industrial index closed flat for the third consecutive trading sessions.

Trading activity was upbeat as total deals, volume and value of stocks traded rose.

At the close of the day’s trading, the total volume of traded stocks rose by 20.75 per cent to 193.98 million units valued at N1.36bn in 4,287 deals.

Ehime Alex
Ehime Alex
Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

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