NGX Starts Week Negative As Benchmark Index Shed 0.11%
Trading at the floor of the Nigerian Exchange Limited (NGX) started the week in negative territory as profit-taking activity, particularly on banking stocks, dipped the All-Share Index.
As a result, the ASI and market capitalisation shed 0.11 per cent apiece to 49,991.41 basis points and N26.96 trillion respectively at the close of the day’s trading.
The negative sentiment saw investors lost N29.12 billion at Monday’s trading session.
The banking index fell by 0.91 per cent to close at 385.69 basis points led other indices to drag the domestic market down.
Other indices that trade alike were industrial index, which dropped by 0.35 per to 1,788.30 basis points, and the insurance index, which fell by 0.07 to 180.67 basis points.
Notably, sell pressure was witnessed on bellwethers such as Zenith Bank, which share price fell by 2.33 per to N21. United Bank for Africa (UBA) dropped by 1.38 per cent to N7.15 and FBN Holdings declined by 0.47 per cent to N10.7.
Meanwhile, Associated Bus Company led the losers’ table, declining by 9.68 per cent to 0.28k; followed by Japaul Gold and Ventures, which share price fell by 9.09 per cent to 0.30; NGX Group lost 4.55 per cent to close at N21: while Lafarge Africa shed 4.20 per cent to N23.95, even as Cutix fell by 3.77 per cent to close at N2.04.
Consequently, the year-to-date (YtD) gain of the NGX ASI declined to 17.03 per cent even as 16 companies’ stocks declined against 12 companies’ stocks that appreciated.
The total volume and value of traded stocks fell by 16.29 per cent and 46 per cent to 200.92 million and N1.45 billion respectively.
Sterling Bank topped as the most traded stock by volume at 90.895 million while MTN Nigeria by value at N25.47 million respectively.
While the consumer goods index remained positive, the oil and gas index was unchanged as analysts expected mixed sentiments to trail throughout the week’s trading.
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