The Nigerian local stock market opened for trade this week on a bearish note, as investors lost ₦436.97 billion.
Equities trading at the Nigerian Exchange Limited (NGX) opened the week bearish as profit-taking activities in MTN Nigeria Communication undermined market performance, dipping in share value by 5.5%.
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As a result, the All-Share Index (ASI) dipped by 0.73% to 103,659.81 basis points, with the Month-to-Date and Year-to-Date returns moderating to +2.5% and +38.6%, respectively.
Gainers And Losers
Consequently, investors lost ₦436.97 billion from their cumulative investments as the market capitalisation settled at ₦56.72 trillion after trading activities.
As measured by market breadth, market sentiment was negative, as 27 tickers lost relative to 26 gainers.
Meyer and Daar Communication topped the gainers’ list after their share prices appreciated by 10%, respectively.
Abbey Mortgage Bank and Livestock Feeds recorded the most significant losses of the day dipping in share prices by 9.7% respectively.
Sectoral performance was mixed, as the Insurance index advanced by 2.7%, while the banking index declined by 2.3%.
Meanwhile, the Consumer Goods, Industrial Goods, and Oil & Gas indices closed flat.
Analysis of market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 17.67%.
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A total of 841.55 billion shares valued at ₦19.33 billion were exchanged in 13,674 deals.
First Bank of Nigeria Holdings led both the volume and value chart with 332.30 million units traded. All of that trade were consummated in deals worth ₦8.95 billion.
Indeed, activities in First bank are picking up since Femi Otedola was announced as the new chairman of the bank.
