Economy

NSE opens week in red, index down by 0.40%

Bears persist on NGX, capitalisation down N22bn
Written by Maritime First

Trading on the Nigerian Exchange Limited (NGX) opened activities for the week on Monday on a negative note with key indicators dropping by 0.40 per cent.

The decline was due to investors’ profit-taking on some recently appreciated stocks such as Stanbic IBTC Holdings and 19 others.

Specifically, the All-Share Index declined by 153.84 points, representing a decrease of 0.40 percent, to close at 38,712.55 from 38,866.39 recorded on Friday.

Similarly, the overall market capitalisation lost N74 billion to close at N20.261 trillion, from N20.335 trillion on Friday, following the listing of additional 2.43 billion ordinary shares of e-Tranzact Plc at N1.50 per share.

The market loss was driven by price depreciation in large and medium capitalised stocks, amongst which are Stanbic IBTC Holdings, Okomu Oil, Guinness Nigeria, Nigerian Breweries and Custodian Investment.

Consequently, market sentiment remained negative with 20 laggards in contrast with 16 gainers.

Stanbic IBTC Holdings led the losers’ chart in percentage terms with 9.94 percent to close at N43.50 per share.

Guinness followed with 9.93 percent to close at N26.75, while Custodian Investment shed 8.40 per cent to close at N6 per share.

Nigerian Aviation Handling Company shed 7.73 percent to close at N2.03, while PZ Cussons depreciated by 5.15 percent to close at N4.60 per share.

Conversely, Japaul Gold and Ventures dominated gainers’ chart in percentage terms, gaining 9.52 percent to close at 69k per share.

UACN Property Development Company followed with a gain 9.33 percent to close at 82k per share.

Also read: NSE reverses downward trend, up by N14bn

Africa Prudential and Royal Exchange appreciated by 8.33 percent each to close at N5.85 and 39k per share, respectively.

Sterling Bank gained 7.69 percent to close at N1.68 per share.

Meanwhile, the total volume of shares traded increased marginally by 0.17 percent to 194.024 million shares valued at N1.364 billion exchanged in 4,290 deals.

This was against 160.65 million shares worth N1.28 billion transacted in 3, 507 deals on Friday.

Transactions in the shares of Fidelity Bank topped the activity chart with 30.88 million shares valued at N77.624 million.

Chams Plc followed with 29.532 million shares worth N5.96 million, while Access Bank traded 23.37 million shares valued at N188.990 million.

FBN Holdings traded 11.32 million shares worth N82.64 million, while Mutual Benefits Assurance transacted 11.08 million shares valued at N4.34 million.

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Maritime First