NSE opens for July with 0.87% loss

THE Nigerian Stock Exchange (NSE) opened trading for the month of July with a loss of 0.87 per cent, amid loses by some highly capitalised stocks.

The News Agency of Nigeria (NAN) reports that the All-Share Index on Monday dipped 331.63 points or 0.87 per cent to close at 37,946.92 against 38,278.55 achieved on Friday.

In the same vein, the market capitalisation shed N120 billion or 0.87 per cent to close at N13.746 trillion, compared to N13.866 trillion recorded on Friday.

Dangote Cement Industries topped the losers’ chart during the day, dropping by N4.90 to close at N224.10 per share.

Forte Oil trailed with a loss of N3.20 to close at N29.65, while Nigerian Breweries was down by N1.10 to close at N113.10 per share.

Guaranty Trust Bank depreciated by 50k to close at N40, while Zenith International Bank dipped 40k to close at N24.60 per share.

Conversely, Mobil Oil led the gainers’ table during the day, appreciating by N16.90 to close at N199.90 per share.

Guinness followed with a gain of N1.30 to close at N99.05, while Flour Mills added 80k to close at N32.80 per share.

Julius Berger increased by 55k to close at N28.05, while Oando gained 20k to close at N6.60 per share.

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An analysis of the activity chart shows that volume of shares traded closed lower as investors bought and sold 256.23 million shares worth N1.86 billion transacted in 3,308 deals, a decrease of 45.40 per cent.

This was against a turnover of 469.34 million shares valued at N5.82 billion traded in 3,355 deals on Friday.

Sterling Bank was the most active stock, trading 100.36 million shares worth N138.49 million.

It was followed by FBN Holdings with an account of 23.70 million shares valued at N251.11 million, while Wema Bank traded 16.89 million shares worth N12.37 million.

United Bank for Africa sold 12.57 million shares valued at N131.79 million, while Mcnichols traded 11.76 million shares worth N10.59 million.