Poor performance highly capitalized stocks of Dangote Cement and Nestle took its weight on the market as well as sell-offs associated with profit taking.
Specifically, the market capitalisation declined by N233.5 billion to settle at N15.068 trillion, whilst the All-Share Index (ASI) decreased by 650.65 points to finish at 41,988.18 points.
On the losers’ chart, Nestle took the lead having depreciated in stock value by N58.20k to close at N1341.80k per share. Dangote Cement followed closely, depreciating by N8.60k to finish at N251.30k per share, while Nigerian Breweries fell by N2.10k to settle at N128.90k per share. PZ Cussons also lost two naira to close at N23 per share, while Nigerian Enamelware dropped N1.15k of its share value to end at N22.10k per share.
On the positive transactions of the day, International Breweries took the lead after appreciating by N1.25k to close at N59 per share, trailed by GTBank, which appreciated by one naira to finish at N47.50k per share, just as CCNN, progressed by 35k to end at N18.50k per share. Fidson also gained 22k to settle at N4.69k per share, while Axa Mansard increased by 13k to close at N2.78k per share.
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Volume and value of equities transacted by investors on Monday declined by 64.80 percent and 71.65 percent respectively as a total of 287.2 million shares worth N2.3 billion were sold in 4,646 deals, compared with 815.9 million shares traded last Friday in 4,808 deals valued at N8.1 billion.
Banking stocks dominated the market on Monday with Skye Bank emerging the most traded stock, exchanging 58 million shares worth N63.2 million, followed by Diamond Bank, which sold 40.3 million units valued at N106.7 million, and FCMB, which traded 35.3 million valued at N89.4 million.
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