Nigerian equity market starts new trading on bearish note, down 0.31%

L–R: Mrs. Ibukun Awosika, Chairman, First Bank; Mr. Oscar N. Onyema, OON, Chief Executive Officer, The Nigerian Stock Exchange (NSE); Dr. Oba Otudeko, CFR , Group Chairman, First Bank Holdings Plc; Mr. UK. Eke, MFR, Group Managing Director, First Bank Holdings Plc and Mrs. Kehinde Adenrele, Chairman, First Bank Nigeria Insurance during a Closing Gong Ceremony in commemoration of 125 years anniversary of First Bank at the Exchange in Lagos on Monday. 

The Nigerian Stock Exchange (NSE) started this week trading session on a bearish note, declining 0.31 per cent, driven by profit-taking by investors as industrial sector led other sectors closed in the red.

The All Share Index (ASI) dropped by 97.03 absolute points on Monday, representing a decline of 0.31 per cent, to close at 31,042.32 points, while Market Capitalization lost N36.19 billion representing a decrease of 0.31 per cent, to close at N11.58 trillion.

from its opening position. The dip was drive by profit taking on 19 stocks across the five major sectors, led by Industrial goods. Similarly, market breadth closed negative, recording 12 gainers and 19 losers.

REDSTAREX appreciated 10 per cent to emerge the top gainer, while ACADEMY dropped 8.33 per cent to emerge as the top loser.

GTBANK traded 46.97 million shares valued at N1.76 billion to emerge the most active stock as investors exchanged a total of 168.72 million shares worth N3.75 billion in 3,048 deals on Monday.

The downturn was impacted by losses recorded in medium and large capitalized stocks, amongst which are; ACCESS (-6.57%), NEM (-5.56%), DANGFLOUR (-4.31%), CCNN (-4.31%), OANDO (-3.45%), ZENITHBANK (-2.49%), MOBIL (-1.76%), FCMB (-1.02%), TRANSCORP (-0.79%), DANGCEM (-0.63%), FBNH (-0.61%), and NESTLE (-0.13%).