Capital market negative trend persists as ASI dips 0.33%

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The Nigerian Stock Exchange (NSE) started the week in the profit-taking after posting positive performances towards the end of last week.

The All-Share Index dropped by  0.33per cent or 90.43 basis points to 27,179.28 basis points with market capitalization moving to N9.34 trillion.

The outcome of the session was driven by profit-taking pressures in Banking sector stocks with Zenith Bank dropping by 3.11per cent and Stanbic IBTC shedding 4.67 per cent while Forte Oil recording a decline of 2.42per cent also contributed the weak trading on Monday.

Market activity was mixed on Monday as volume traded rose 196per cent to 418 million units while value dropped 3.1per cent to N2.97 billion in 2,710 deals.

In terms of volume, Champion Breweries accounted for 24per cent of shares traded.

Oil and Gas sector lost 2.38per cent while both Industrial and Consumer Goods rose by 0.64per cent and 0.15per cent, respectively.

Gain of 9.57 per cent in  Tigerbrand topped the 15 gainers in the session while Eterna depreciated by  5.03per cent to led the 23 losers

Meanwhile,activity in the foreign exchange market remained largely unchanged as the Naira traded range bound due to continued support from the Central Bank of Nigeria (CBN).

The USD/NGN thus traded between $/N197 – 199 in today’s session, with the CBN selling Dollars at $/N197 levels.

The local currency however depreciated relative to the European currencies, losing 0.72per cent against the Pound Sterling and 0.59per cent against the Euro to settle at N301.13/£ and N219.27/€ respectively.

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