Nigerian Stock Exchange opens week with 0.36% losses

Market was positive with 16 gainers in contrast with stocks 13 losers.

The downturn was driven by price depreciation in large and medium capitalised stocks [Reuters/Akintunde Akinleye]

The Nigerian stock market started the week's transactions on Monday on a negative note with profit-taking in some blue chips.

Specifically, the All-Share Index dipped 136.30 points or 0.36 per cent to close at 37,857.89 from 37,994.19 achieved on Friday.

Accordingly, the month-to-date and year-to-date losses increased to 0.1 per cent and 6.0 per cent, respectively.

Also, the market capitalisation shed N71 billion or 0.36 per cent to close at N19.724 trillion compared with N19.795 trillion on Friday.

The performance was buoyed by investors profit-taking sentiments in all the major sectors except oil & gas stocks.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are MTN Nigeria Communications (MTNN), Zenith Bank, BUA Cement, International Breweries and Lafarge Africa.

However, market was positive with 16 gainers in contrast with stocks 13 losers.

Tripple GEE and Company dominated the gainers' chart in percentage terms with 9.89 per cent to close at N1 per share.

Regency Alliance Insurance followed with 8.89 per cent to close at 49k, while UPDC Real Estate Investment Trust went up by 7.44 per cent to close at N1.30 per share.

FTN Cocoa Processors rose by 5.88 per cent to close at 36k, while mutual Benefits Assurance gained five per cent to close at 42k per share.

On the other hand, CWG led the losers’ chart in percentage terms by 9.52 per cent to close at N1.14 per share.

International Breweries followed with 5.66 per cent to close at N5, while Champion Breweries lost 3.23 per cent to close at N2.10 per share.

FBN Holdings lost 2.60 per cent to close at N7.50, while AXA Mansard Insurance shed 2.25 per cent to close at 87k per share.

In the same vein, the total volume of transactions declined by 22.58 per cent to 187.24 million shares valued N2.89 billion in 4,017 deals.

This was in contrast with a turnover of 241.84 million shares worth N2.71 billion exchanged in 3,819 deals on Friday.

Transactions in the shares of Zenith Bank topped the activity chart with 35.32 million shares valued N870.87 million.

Sovereign Trust Insurance followed with 14.16 million shares worth N3.95 million, while United Bank for Africa traded 14.11 million shares valued N106.09 million.

Mutual Benefits Assurance sold 13.54 million shares worth N5.57 million, while Transcorp transacted 11.47 million shares valued N10.42 million.

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