Equities market opens the week with 0.67% loss

Equities trading on the Nigerian Stock Exchange (NSE) opened the week on a negative note as indices depreciated by 0.67 per cent.

On Monday, the bear pull persists as the All Share Index reduced to 27,570.94 basis points just as market breadth index posted negative with 18 losers against 11 gainers.

LAW UNION was the top loser for the day as its share value depreciated by 9.57 per cent while Jaiz Bank led the gainers’ chart having gained 6.25 per cent to its stock value.

Major sectors on the NSE closed negative as Industrial Index declined by 1.55 per cent, due to the losses in WAPCO and Bua Cement, while Banking Index shed 1.46 per cent, on the back of the sell-offs in Unity Bank, Guaranty Trust Bank, FCMB, Fidelity and Zenith Bank.

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Consumer Goods Index also lost 1.25 per cent following the declines in International Breweries, Dangote Sugar and Honey Flour.

However, Oil & Gas Index Increased by 0.56 per cent majorly driven by the gains in Japaul Oil and Oando, having gained five per cent and 4.35 per cent respectively.

The toast of the market was Zenith Bank as 22.5m shares were traded on the floor if the local bourse on Monday, followed by United Capital, Guaranty Trust Bank, Unilever Nigeria and United Bank for Africa, with N17.2 million, 12.2 million, 10.3 million and 8.8 million respectively.

At the end of the day trading, 134.6 million shares worth N1.6 billion were exchanged in 3,302 deals.