Equities market opens week with 2.21% loss

EQUITIES trading on the Nigerian Stock Exchange (NSE) opens the week on a negative turn as investors’ appetite wanes, especially on MTN Nigeria shares.

On Monday the local bourse All-Share Index (ASI) and market capitalisation closed at 30,194.71 and N13.302 trillion respectively, having declined by 2.21 per cent, as the bears took control of market breadth with 14 gainers against 19 losers.

Consequently, the year to date loss of local stocks further worsened to 3.92 per cent from 1.75 per cent, as share prices of bellwethers such as MTN Nigeria and Dangote Cement dipped by 7.14 per cent and four per cent respectively, even as Oando and Forte Oil waned by 2.27 per cent and 1.26 per cent respectively.

ALSO READ: Aisha Buhari’s N500bn fraud revelation vindicates us ― PDP

On a sectoral basis, the Industrial and Oil & Gas indices were most hit as they contracted by 2.09 per cent and 0.39 per cent respectively.

The volume of trades stood at 148 million shares in contrast to 294 million shares, representing 49.60 per cent decline while value recorded N2.22 billion as against N6.63 billion, representing 66.54 per cent decline from their previous trading levels.

Experts, however, believed that the negative sentiment seen across the various sector would likely rebound in the next trading session.