Stock market begins month weaker by 0.1 per cent as investors lose N28.7bn

The equities market started the week and the month on a negative note as its All Share Index (ASI) contracted by 0.13 per cent to close at 42,357.90 basis point, owing to profit-taking.

Thus, the market records its first loss in six consecutive sessions as the year-to-date gain of the Nigerian Stock Exchange (NSE)’s ASI fell to 5.18 per cent despite the number of gainers outnumbering that of the losers.

Consequently, equities investors lost N28.7 billion, on Monday as the market capitalisation closed at N22.16 trillion as against an opening of N22.19

On Monday, market sentiment, as measured by market breadth, was positive as 33 tickers gained, relative to 28 losers with Honeywell Flour and Champion Breweries topping the gainer’s list with ten per cent respective gain, while Royal Exchange and Guinea Insurance recorded the largest losses of the day having depreciated by ten per cent and 9.1 per cent, respectively.

Performance across sub-sector gauges tracked was mixed as two out of the five indices tracked closed positive while the rest moved in different directions.

The NSE Insurance and NSE oil/gas index rose by 0.37 per cent and 0.22 per cent respectively. However, the NSE banking and NSE consumer goods indices fell by 0.08 per cent and 1.03 per cent respectively while the NSE industrial closed flat.

Meanwhile, activity in the market was weak as total volume and value of stocks traded moderated by 12.40 per cent and 8.61 per cent to 586.81 million units and N6.02 billion respectively.

Union Bank of Nigeria was the toast of investors as it was the most traded stock by volume at 79.59 million units, while Zenith Bank was the most traded stock by value at N858.97 million.

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Stock market begins month weaker by 0.1per cent as investors lose N28.7bn

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Stock market begins month weaker by 0.1per cent as investors lose N28.7bn,