Economy

NSE market indicators open week with N13bn loss

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The Nigerian Stock Exchange (NSE) opened trading for the week on Monday,  with a loss of 0.09 per cent, ending five days consecutive bullish trend.


Specifically, the All-Share Index lost 23.41 points or 0.09 per cent to close at 25,582.23 compared with 25,605.64 recorded on Friday.

Accordingly, the Month-to-Date gain moderated to 1.0 per cent while Year-to-Date loss increased to -4.7 per cent.

Also, the market capitalisation dropped N13 billion to close at N13.345 trillion from N13.358 trillion achieved on Friday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Guaranty Trust Bank, Dangote Sugar, Red Star Express, United Bank for Africa and Zenith Bank.

Commenting on stock market expectation this week, analysts at United Capital Plc,  predicted that the market would experience profit taking.

They said that resumption of foreign exchange sales at the Investor & Exporter window  might provide previously locked-in foreign investors the long-waited opportunity to exit their stakes in the Nigerian equities.

Honeywell Flour Mill led the losers’ chart in percentage terms, dropping 6.25 per cent to close at 90k per share.

Chams trailed with 4.55 per cent to close at 21k, while Red Star Express declined by 4.37 per cent to close at N3.72 per share.

Neimeth International lost 3.74 per cent to close at N1.80, while Union Diagnostic shed 3.70 per cent to close at 26k per share.

Conversely, Eterna drove the gainers’ chart in percentage terms, appreciating by 9.13 per cent to close at N2.27 per share.

NEM Insurance gained 8.70 per cent to close at N2.25, while C&I Leasing rose by 8.33 per cent to close at N3.90 per share.

UACN Property increased by 7.61 per cent to close at 99k, while Academy Press garnered 7.41 per cent to close at 29k per share.

Also, the volume of shares traded dipped 39.24 per cent with an exchange of 254.97 million shares worth N2 billion achieved in 4,699 deals.

This was in contrast with 419.66 million shares valued at N3.79 billion exchanged in 4,152 deals on Friday.

Transactions in the shares of UBA topped the activity chart with 44.35 million shares worth N291.99 million.

Zenith Bank followed with 30.82 million shares valued at N536.11 million, while Access Bank traded 29.12 million shares worth N196.63 million.

Custodian Investment traded 19.83 million shares valued at N126.69 million, while FBN Holdings transacted 19.83 million shares worth N98.63 million.

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Edited By: Chioma Ugboma/Wale Ojetimi
Source: NAN

https://nnn.ng/nse-market-indicators-open-week-with-n13bn-loss/

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