NGX: Market opens week weaker as investors lose N71bn

The Nigerian equities market started the week’s trading on a negative note as profit-taking caused a -0.4 per cent decline in the benchmark Index.

Losses accrued from MTN Nigeria, Zenith Bank and BUA Cement, largely impacted the overall performance as their shares dipped by 0.6 per cent, 2.2 per cent and 0.7 per cent respectively.

Thus, the All-Share Index (ASI) of the Nigerian Exchange Limited (NGX) settled at 37,857.89 basis points.

At the end of Monday’s trading session, the market capitalisation settled at N19.73 trillion as investors lost N71 billion.
Accordingly, the Month-to-Date and Year-to-Date losses increased to -0.1 per cent and -6.0 per cent, respectively.

As measured by market breadth, market sentiment was, however, positive as 14 stocks gained, relative to 13 losers.

On the performance chart, Tripple G and Regal Insurance topped the gainers’ list with 9.9 per cent and 8.9 per cent appreciation in their shares value, while CWG and International Breweries recorded the most significant losses of the day by 9.5 per cent and 9.7 per cent respectively.

Performance across sectors was mixed, as losses in the Banking, Consumer Goods, and Industrial Goods indices reflected the overall market performance. On the other hand, the Oil and Gas index gained, while the Insurance index closed flat.

Market activity was unimpressive on Monday as the total volume of trades declined by 22.6 per cent to 187.24 million units, valued at NGN2.89 billion, and exchanged in 4,017 deals.

Zenith Bank stocks were the toast of investors for the day as they made the most traded stock by volume and value at 35.32 million units and N870.87 million, respectively.

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No Evidence Arab League Sent Warning Message To FG On Biafra Movement

CLAIM: A Twitter user claims that the Arab League of Nations sent a warning message to the Nigerian government on the Biafra movement.

VERDICT: No evidence to ascertain the origin of the statement. The statement is not new as it has been in circulation since 2017.  Also, Nigeria is not part of the Arab League and there is no evidence that that league will make a statement about a non-member.

FULL STORY: A Twitter user, Amah Johnbosco(@johnbosco_amah), on Monday, June 28, 2021, claimed that the Arab League of Nations said the Nigerian government is on its own if it provokes war while warning the government to let Biafra go.NGX: Market opens week weaker as investors lose N71bn

NGX: Market opens week weaker as investors lose N71bn