Stock market opens week bearish with N297bn loss

The stock market began the week on a negative note on Monday, extending Friday’s bearish trend, as performance indices dipped by 0.44 per cent.

Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation dropped by N297 billion, falling to N68.042 trillion from N68.339 trillion on Friday.

The All-Share Index also declined by 471.93 points or 0.44 per cent to close at 108,261.47, down from Friday’s 108,733.40.

This downward trend was driven by sustained profit-taking in Dangote Sugar, Guaranty Trust Holding Company, Vitafoam, AIICO Insurance, Zenith Bank, Fidelity Bank and 20 others.

However, the market breadth ended positive with 39 gainers against 26 losers.

Meyer Plc increased by 10 per cent, settling at N8.80 while Multiverse Mining also gained by 10 per cent, ending the session at N11 per share.

While Smart Products Nigeria Plc soared by 10 per cent, closing at 55k, Beta Glass rose by 9.99 per cent, to close at N176.70 per share.

Haldane McCall Plc gained by 9.88 per cent, finishing at N4.67 per share.

On the flip side, E-Tranzact International fell by 10 per cent, closing at N5.40 and John Holt declined by 9.48 per cent, ending the session at N5.25 per share.

Union Dicon Salt shed at 9.47 per cent, to close at N7.65 while C&I Leasing Plc dropped by 8.31 per cent, finishing at N3.86 per share.

Linkage Assurance lost by 8.06 per cent, settling at N1.14 per share.

A total of 414.57 million shares worth N10.72 billion were exchanged across 16,664 transactions.

This is compared to 459.21 million shares worth N11.164 billion that was exchanged across 15,723 deals on Friday.

Transactions in the shares of Tantalizer topped the activity chart with 49.19 million shares worth N113.21 million.

VFD Group followed with 48.88 million shares valued at N782.31 million while Access Corporation transacted 29.43 million shares worth N629.38 million.

Zenith Bank traded 24.316 million shares valued at N1.18 billion and AIICO Insurance sold 19.108 million shares worth N30.98 million.