Nigerian bourse opens the week weak as indices drop by 1.18%

Transactions on the Nigerian Stock Exchange (NSE) opened for the week on Monday in red as market indices, turnover and value traded dropped massively as a result of profit taking by investors on the Exchange.

The market capitalization, which opened at N13.678 trillion shed N162 billion or 1.18 per cent to close at N13.516 trillion whilr  the All-Share Index dipped 455.41 points or 1.18 per cent to close at 37,980.67 compared to 38,436.08 achieved on Friday.

Dangote Cement recorded the highest price loss, declining by N9.99 to close at N230.01 per share. It was followed by International Breweries with N2.74 to close at N52.10, while Eterna Oil was down by 10k to close at N4.10 per share.

Stanbic IBTC dropped by 8k to close at N40.92, while Caverton depreciated by 6k to close at N1.31 per share.

Conversely, Presco recorded the highest gain to lead the gainers’ chart with N5.83 to close at N72 per share. Dangote Sugar followed with a gain of N1.08 to close at N22.78, while Lafarge Africa grew by 49k to close at N43.50 per share.

Union Bank of Nigeria gained 37k to close at N7.92 , while UAC Property rose by 15k to close at N2.80 per share.

Also, the volume and value of shares transacted dipped by 78.96 per cent and 80.04 per cent respectively.

In total, investors  traded 89.48 million shares worth N1.83 billion in 1,499 deals as against 425.26 million shares valued at N9.17 billion traded in 4,104 deals on Friday.

GT Bank drove the activity chart with 32.16 million shares worth N1.29 billion.

UBA came second with an account of 15.71 million shares valued at N158.79 million, while Transcorp traded 5.88 million shares worth N8.32 million.

FBN Holdings sold 3.54 million shares worth N31.07 million and Access Bank exchanged 3.26 million shares valued at N34.24 million.