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NGX opens week with 0.44% loss

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NSE maintain bearish trend despite listing of Ellah Lakes additional shares

The Nigerian stock market began trading for the week on Monday with 0.44 per cent loss, amid losses recorded by some blue chips.

Specifically, the All-Share Index decreased by 175 points or 0.44 per cent to close at 39,306.47 from 39,431.47 achieved on Friday.

Similarly, the market capitalisation which opened at N20.579 trillion lost N92 billion to close at N20.487 trillion.

The downtrend was driven by price depreciation in medium and large capitalised stocks amongst which are; Nigerian Enamelware, MTN Nigeria Communications (MTNN), Stanbic IBTC Holdings, BUA Cement and Lafarge Africa.

However, market sentiment, as measured by market breadth was positive with 22 stocks gainers against 14 stock losers.

Nigerian Enamelware led the losers’ chart in percentage terms by 9.80 per cent to close at N17.95 per share.

Africa Prudential followed with 6.92 per cent to close at N6.05, while NPF Microfinance Bank shed 6.42 per cent to close at N1.75 per share.

Wema Bank shed 5.17 per cent to close at 55k, while AXA Mansard Insurance depreciated by 3.30 per cent to close at 88k per share.

On the other hand, Eterna dominated the gainers’ chart in percentage terms with 9.85 per cent to close at N7.25 per share.

Royal Exchange followed with 9.21 per cent to close at 83k, while Capital Hotel appreciated by 9.09 per cent to close at N2.40 per share.

Regency Alliance Insurance rose by 8.82 per cent to close at 37k, while Sterling Bank and Associated Bus Company appreciated by 8.11 per cent each to close at N1.60 and 40k per share, respectively.

The total volume of shares traded rose by 62.9 per cent with an exchange of 357.69 million shares valued at N3.57 billion in 4,394 deals.

This was in contrast with 10.05 million shares worth N177.84 million traded in 746 deals on Friday.

Transactions in the shares of Zenith Bank topped the activity chart with 52.68 million shares valued at N1.25 billion.

FBN Holdings followed with 42.47 million shares worth N307.15 million, while NEM Insurance traded 39.45 million shares valued at N88.65 million.

Sovereign Trust Insurance sold 23.62 million shares worth N6.16 million, while Fidelity Bank transacted 23.33 million shares worth N55.77 million.

Chinyere Joel-nwokeoma

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective.A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour.The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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