Equities market opens week red on profit-taking

The local stock market begins the trading week in negative territory as the All-Share Index moderated by 0.44 per cent to close at 39,306.47 basis points.

Specifically, investors book profit on large-cap stocks such as MTN Nigeria, Stanbic IBTC, BUA Cement, WAPCO and Guaranty Trust Bank as their respective share prices moderated by 1.05 per cent, 2.17 per cent, 1.16 per cent, 2.42 per cent and 1.67 per cent.

Consequently, the Month-to-Date and Year-to-Date losses increased to -1.3 per cent and -2.4 per cent, respectively.

Despite the overall negative outing, the Nigerian Exchange (NGX) recorded more gainers than losers with 22 against 14.

On the performance chart, Eterna Oil and Royal Exchange recorded the most significant gains of the day having appreciated by 9.9 per cent and 9.2 per cent while Enamel Ware and African Prudential topped the losers’ list with a 9.8 per cent and 6.9 per cent decline in their respective share value.

Sectorial performance was weak as four out of five sub-sector gauges tracked closed in red; the NSE Banking, NSE Insurance, NSE Consumer Goods and the NSE industrial indices fell by 0.59 per cent, 0.29 per cent, 0.09 per cent and 0.66 per cent respectively. On the positive side, the NSE Oil/Gas index rose by 0.21 per cent.

Meanwhile, trading activity at the local bourse on Monday was weak as the total volume traded increased by 62.8 per cent to 357.45 million units, valued at N3.6 billion, and exchanged in 4,394 deals.

Zenith Bank was the toast of investors for the day as it made the most traded stock by volume and value at 52.68 million units and N1.25 billion, respectively.

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FULL TEXT: A viral post on WhatsApp is asking N-Power candidates to verify the status of their application and see if they have been shortlisted for the batch C cash grant…Equities market opens week red on profit-taking

Equities market opens week red on profit-taking