NSE market indices reopen with marginal growth of 0.06%

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… As Former foreign minister, Johnson warns Britain will end up like colony to the EU after Brexit***

The Nigerian Stock Exchange (NSE) crucial market indicators opened for the week on Monday with a marginal growth of 0.06 per cent in a cautious trading.

The News Agency of Nigeria (NAN) reports that the market capitalisation rose by eight billion naira or 0.06 per cent to close at N13.637 trillion against N13.629 trillion achieved on Friday.

Similarly, the All-Share Index, which opened at 37,625.59, grew by 22.34 points or 0.06 per cent to close at 37,647.93 following marginal gains by some blue chips.

Dangote Cement Industries led the gainers’ table during the day, appreciating by N2 to close at N227 per share.

Flour Mills followed with a gain of 80k to close at N31.50, while Forte Oil gained 80k to close at N27.15 per share.

Cement Company of Northern Nigeria increased by 65k to close at N22.90, while Julius Berger added 50k to close at N30 per share.

On the other hand, NASCON topped the losers’ chart, shedding N1.15 to close at N20.65 per share.

Lafarge Africa trailed with a loss of N1 to close at N38, while Stanbic IBTC was also down by N1 to close at N51 per share.

Dangote Sugar Refinery depreciated by 70k to close at N17.80, while Conoil shed 50k to close at N27 per share.

An analysis of the activity chart indicates that Access Bank was the toast of investors, accounting for 21.67 million shares worth N225.60 million.

Zenith International Bank followed with an account of 13.92 million shares valued at N342.22 million, while FBN Holdings traded 17.71 million shares worth N133.07 million.

Transcorp sold 11.57 million shares valued at N14.76 million, while United Bank for Africa exchanged 11.09 million shares worth N114.79 million.

In all, the volume of shares traded closed lower as investors bought and sold 155.17 million shares valued at N1.99 billion achieved in 3,422 deals, a decrease of 51.45 per cent.

This was in contrast with 319.63 million shares worth N3.07 billion traded in 4,054 deals on Friday.

In the meantime, the former British foreign minister Boris Johnson, on Monday warned that the UK will end up like a colony to the EU after the government announced plans for a close trading relationship with the bloc after Brexit in 2019.

Johnson resigned over Prime Minister Theresa May’s plan for Brexit, which include remaining closely aligned to EU rules on manufactured goods.

“We are truly headed for the status of a colony.

“Many will struggle to see the economic or political advantage of that particular arrangement,” Johnson said in a resignation statement.