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NGX opens week with N153bn loss on MTNNigeria, Nestle

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NGX opens week with N153bn loss on MTNNigeria, Nestle

Trading on the national stock exchange resumed for the week on Monday with bearish sentiments due to profit taking on flagship stocks – MTNN and Nestle.

Specifically, market capitalization fell 153 billion naira or 0.71% to close at 21.471 billion naira against 21.624 billion naira on Friday.

In addition, the All-Share index lost 293.48 points or 0.71% to close at 41,144.67 against 41,438.15 posted Friday.

As a result, the cumulative monthly and cumulative annual returns were 2.3% and 2.2%, respectively.

The negative performance of the market was due to the depreciation of the prices of large and mid-capitalization stocks which are; Nestlé, MTN Nigeria Communications, MTNN, FBN Holdings, FBNH, May and Baker and NPF Microfinance Bank.

As a result, the market width closed negatively with 21 losers versus 19 winners.

May and Baker topped the losing chart in terms of a percentage of 8.02 percent to close at N 4.36 per share.

Royal Exchange followed with 7.81 percent to close at 59,000, while NPF Microfinance Bank lost 7.57 percent to close at N 1.71 per share.

FBNH fell 7.48 percent to close at N 11.75, while Mutual Benefits Assurance lost 6.67 percent to close at 28 kobo per share.

Conversely, the Nigerian Exchange Group led the winners chart in terms of percentage with 9.86 percent to close at N19.50 per share.

Ikeja Hotel followed with 9.52% to close at N1.15, while Custodian Investment rose 7.53 percent to close at N7.85 per share.

Honeywell Flour Mills rose 6.48% to close at 3.78N, while Chams rose 4.55% to close at 23,000 per share.

Similarly, the total volume of shares traded fell 53.53 percent with a trade of 338.72 million shares valued at 4.06 billion naira traded in 5,866 trades.

This contrasts with a total of 728.96 million shares worth 8.53 billion naira traded in 4,852 deals on Friday.

Trading in FBNH shares dominated the activity chart with 67.615 million shares valued at 832.79 million naira.

Access Bank followed with 36.62 million shares worth N351.21 million, while Transcorp traded 26.55 million shares worth N26.62 million.

Guaranty Trust Holding Company (GTCO) traded 25.56 million shares worth 755.25 million naira, while Fidelity Bank traded 19.47 million shares worth 53.25 million of nairas.

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