Market opens the week negative, losing N400bn to bargain hunters

Equity transaction on the Nigerian Stock Exchange resumed the first trading day of the week in a negative territory as the market records 4.26 per cent price depreciation, shedding N400 billion to bargain hunters.

The All Share Index (ASI) which rose by 6.6 percent last week to close at 28,902.55 basis points, fell by 1,231.47‎ points or 4.26 percent to close at 27,671.08 even as Market Capitalization closed at N9.5 trillion from N9.9 trillion recorded previously.

Fidelity Bank was the most traded stock of the day as it sold 75.1 million shares worth N99.9‎ million, it was followed by FBN Holdings with sales of 70 million shares worth N277.6 million while  Access Bank exchanged 24.3 million shares for N137.9 million.

Forte Oil led the day’s price losers, dropping N10.31 to close at N195.9 per share; Dangote Cement followed with a depreciation of N8.12 to close at N167.01 per share and Nigerian Breweries fell by N7 to close at N135 per share. WAPCO dropped N6.44 to close at N76.57 per share while Guinness recorded a loss of N5.49 to close at N104.32.

Glaxosmithkline‎ recorded the highest gaining of the day as it added 50 kobo to close at N21 per share. Etranzact trailed with a gain of 45 kobo to close at N5.46 per share, while UPL gained 22 kobo to close at N4.64 per share.

In all, investors traded 335.1 million shares  valued at N3.15 billion.