Nigerian bourse in red zone on Monday, as Index down 0.88%

The Nigerian Equities market began the week in the red zone as the All-Share Index close from the previous week stand and dropped by 0.88 per cent to close Monday’s trading at 39,913.99 points.

Also, market capitalization closedlower at 13.53 trillion naira and market breadth closed in favour of the bears with a count of 28 losers to 14 gainers.

NSE 30, NSE BNK, NSE INS and NSE INDUSTR were the sector indices to succumb to the reduction in market activities while NSE CNSMRGDS NSE OILGAS and NSE LOTUSIS gained on their previous levels.

NSE ASEM maintained its previous close. MOBIL and LEARNAFRICA topped the gainers and losers charts respectively as regards unit price of stocks on the equities performance board today.

On the value-based and volume based charts, banking stocks continued to dominate both charts as FBNH topped the former while ZENITHBANK topped the latter.

Trade volume and trade volume further reflected the relative fall in market activities today as both measures dropped by -33.86 per cent and -4.01 per cent respectively from 530 million shares valued at 5.1 billion naira to close at 350 million shares worth 4.9billion naira today.

According to analysts at APT Securities and Funds Limited, “investors (mostly day-traders) who must have benefitted from the positive rally of the market that fizzled out at the close of the previous week seem still in the process of harvesting their gains, hence, the fall in ASI.

“It is expected that market activities should stabilize with succeeding trading days”, they said.