Market opens the week bearish as investors lose N30bn for profit-taking

The equities market segment of Nigerian Stock Exchange (NSE) on Monday kicked-off the new week in the bearish zone, as investors on the bourse made a loss of N30 billion to profit taking  as the market capitalization shed N30 billion to close ₦9.256 trillion against previous close of ₦9.288 trillion.

The All-Share Index shed 94.06 basis points, representing a dip of 0.35 per cent to close at 26,885.54 basis points from 26,981.60 basis points it opened for transaction on Monday.

The downturn was largely boosted by value depreciation recorded in some highly capitalized stocks, such as, Guaranty Trust Bank, Unilever Nigeria, Access Bank and Zenith Bank.

Market analysts noted, “With third quarter earnings season drawing to a close, we expect a quiet start to trading this week, as investors begin the search for new triggers that will dictate overall market direction.”

Market breadth was negative, with 10 gainers versus 18 losers. Eterna Oil recorded the highest price gain of 9.90 per cent, to close at N3.22 per share. Livestock followed with a gain of 8.22 per cent to close at 79 kobo, while NPF Microfinance Bank rose by 4.81 per cent to close at N1.09 per share.

Airline Services went up by 4.72 per cent to close at N2.66, while Ikeja Hotel appreciated by 4.71 per cent to close at N1.78 per share.

On the other hand, CCNN led the losers’ chart by 5.54 per cent, to close at N4.94 per share. Sterling Bank shed 4.82 per cent to close at 79 kobo, while Aiico insurance declined by 4.76 per cent to close at 60 kobo per share.

Continental Reinsurance depreciated by 4.67 per cent to close at N1.02 and AXA Mansard Insurance declined by 4.55 per cent each to close at N1.89 per share.

However, the total volume traded went up marginally by 2.24 per cent to 115.04 million shares, valued at N1.16 billion, and traded in 2,963 deals.

Transactions in the shares of UBA topped the activity chart with 21.49 million shares valued at N91.71 million. Guaranty Trust Bank followed with 17.75 million shares worth N393.25 million, while Zenith Bank traded 11.72 million shares valued at N173.49 million.

FBN Holdings traded 10.53 million shares worth N31.92 million, while FCMB sold 9.70 million shared valued N10.63 million.