Equities market bows to profit-taking, declines by 0.39 per cent

The Nigerian equities market commenced the week on a negative note as All Share Index (NSE) shed 0.39 per cent to settle at 23,950.83 basis points at the close of trading on Monday as investors take off profit accumulated over previous weeks.

Profit-taking witnessed in Banking stocks largely contributed to the bearish pull on equities trading on the Nigerian Stock Exchange (NSE), despite a posting positive market breadth of 14 gainers against 12 losers. Accordingly, Month-to-Date gain decreased to 4.0 per cent, as Year-to-Date losses increased to -10.8 per cent.

Performance across sectoral indices was negative, as losses in the Banking (-2.8%), Insurance (-0.2%) and Industrial Goods (-0.1%) indices reflected the overall market performance, as gains in the Oil and Gas (+0.6%) and Consumer Goods (+2.4%) indices did little to offset the losses.

Specifically, Unilever, McNicholas, Jaiz Bank, Eterna Oil and C&I Leasing led the gainers’ chart, while at the rear of the chart, CAP led the losers’ chart, trailed by Wapic Insurance, UAC Properties, Union Bank of Nigeria and Honeywell Flour Mills led the losers’ chart.

Market Activity dwindled to kick start the week as Volume of trades recorded a total of 207million shares today, a 0.64 per cent drop from 208 million shares traded in the previous session. Value followed suit to close downbeat by 19.03 per cent from the previous session of N2.193 billion to N1.776 billion.

FBN Holdings was the most traded stock by volume at 44.11 million units while Guaranty Trust Bank was the most traded stock by value at N585.02 million.

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