Local stock market opens week bearish by 0.22 per cent

The Nigerian Stock market opens the week on a bearish note as the All-Share Index (ASI) dropped by 0.22 per cent on Monday to settle at 38,561.84 basis points.

The negative sentiments were attached to profit-taking from the stocks of Guaranty Trust Bank, Nigerian Breweries and International Breweries as they closed with 2.6 per cent, 5.3 per cent and 3.8 declines respectively.

Consequently, the Month-to-Date and Year-to-Date losses increased to -3.1 per cent and -4.2 per cent, respectively.

As measured by market breadth, market sentiment was negative, as 17 tickers lost relative to 16 gainers. On the chart, Regal Insurance and Livestock were the top losers of the day, after declining in shares value by 9.1 per cent and 8.5 per cent respectively, while Wapic Insurance and NNFM recorded the largest gains of the day with 10.0 per cent and 9.7 per cent gain in the value of their respective shares.

Performance across sectors was mixed, following gains in the Insurance and Oil & Gas indices, and losses in the Consumer Goods and Banking indices. The Industrial Goods index however closed flat.

Activities at the Nigerian Stock Exchange (NSE) was unimpressive as the total volume of trades declined by 37.2 per cent to 184.53 million units, valued at N2.52 billion and exchanged in 3,527 deals.

FBN Holdings was the most traded stock by volume and value at 31.14 million units and N252.97 million, respectively.

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